December 18, 2012
King Abdullah Economic city: Sanofi, a global diversified healthcare leader lays its foundation stone in King Abdullah Economic City.
Sanofi will be first global pharmaceutical company to establish its industrial facility with a 100 percent foreign direct investment in the Kingdom, as it was given a unique opportunity to develop its independent presence in the Kingdom in the year 2011, by establishing itself as an independent business entity facilitating its operations in Saudi.
The foundation stone was laid in a memorial ceremony with the presence of His Excellency Bertrand Besancenot the French Ambassador to Saudi Arabia, Top executives from Sanofi, Fahd Al-Rasheed, Managing Director and CEO of KAEC addition to representatives of the Economic Cities Authorities.
This facility , which will see the creation of jobs, new technology and science, is being hailed as a major milestone towards supporting patient's needs in the Kingdom while giving Sanofi a strategic advantage to strengthen its existence in this important market.
On this occasion, Mr. Philippe Luscan, Sanofi's Senior Vice President for Industrial Affairs declared: "We are delighted to be together today with King Abdullah Economic city our partner, in order to lay the cornerstone for the beginning of the construction works for Sanofi pharmaceutical factory in KAEC industrial valley zone. We are further proud that this pioneer project is the first of its kind in the Kingdom and the Gulf Area that offers world-class treatment solutions. In fact, the encouraging investment environment and the solid economic situation in Saudi Arabia have had a conclusive effect on our decision to go ahead with this project."
Mr. Fahd Al-Rasheed, Managing Director and CEO of KAEC, said: "We welcome investors such as Sanofi and give them all the assistance they need to establish their projects and maximize the strategic benefits of their presence in the Saudi and regional markets. In the case of Sanofi, we are especially pleased with their choice of KAEC for their first manufacturing facility since it contributes to the development of a thriving pharmaceutical industry that will bring great benefits to the Kingdom and its citizens. I am happy to say that our cooperation with Sanofi has been exemplary at all stages, from signing the agreement through to preparing the project study and on to the planning stage until we have now reached the laying of the foundation stone that signals the start of construction work for the manufacturing plant."
Sanofi, a global and diversified healthcare leader, provides therapeutic solutions focused on patients' needs. Sanofi has core strengths in healthcare, with 7 growth platforms: diabetes solutions, human vaccines, innovative drugs, consumer healthcare, emerging markets, animal health and the new Genzyme.
About King Abdullah Economic City (KAEC)
Emaar, The Economic City (Emaar E.C.), established in September 2006, is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world's largest property developers, and a number of high profile investors from Saudi Arabia. Emaar.E.C leads the master-planning and development of the 168 million square meters King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah.
About Economic cities Authorities (ECA)
The Saudi Industrial Property Authority (MODON) was established in 2001. MODON is responsible for the development of industrial cities with integrated infrastructure and services; whereas MODON has established industrial cities in various regions of the Kingdom, and is currently overseeing 28 existing and under-development cities. It is targeted that during the coming five years, the number of the industrial cities shall reach 40 cities with more than 160 million square meters of developed industrial lands.
© Press Release 2012
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