Dec 18 2012
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Sanofi lays the foundation stone of its Industrial Plant at King Abdullah Economic City
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.
The plant, which is to be built on a 35,000 square meter land, will initially produce oral anti-diabetic and cardiovascular products.
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."
Mr. Antoine Ortoli, Sanofi Senior Vice President Intercontinental Region, added: "Sanofi is proud to consolidate its presence in the promising Saudi market through the exchange of experiences in research and production for the benefit of Saudi Arabia and its citizens. This cooperation will be reflected in locally-made medical treatments of high-quality and at affordable cost. Furthermore, Sanofi is committed to ensure appropriate training for Saudis specialized in the production of international-standard medicines' and treatments' solutions."
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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