20 May 2013
The Modern Healthcare Solutions Company, one of the ventures of the Modern Industrial Investment Group Holding (MIIGH), concluded a cooperative partnership deal with Pharmaniagia Behard, a majority-owned Malaysian government Industrial Company for pharmaceuticals and medical resources, on Saturday.
The agreement was made to design, establish and operate a number of complexes for pharmaceutical and medical equipment at a cost of SR 600 million, which will require cooperation with planning centers, logical support and distribution in the Kingdom.
The agreement was signed by Abdul Aziz Fahd Al-Hamou, vice president of Modern Investment Group Holdings, and Datouk Farshila Omran, a representative of the Malaysian firm, in the presence of Prince Turki bin Abdul Rahman, MIIGH chairman.
The signing ceremony was held at the Radisson Blu hotel.
"This is a vital step to create sustainable development as seen in the Kingdom under the leadership of Custodian of the Two Holy Mosques King Abdullah, the crown prince and the government in encouraging foreign investors to invest in Saudi Arabia," said Prince Turki.
Prince Turki said the establishment of an industrial pharmaceutical complex with Malay expertise will result in the transfer of pharmaceutical technology to the Kingdom and the availability of quality medicine in the Saudi market at affordable prices, adding that at present, Saudi Arabia imports 80 percent of its medicines from abroad.
Al-Hamou said the objective of the industrial complex is to manufacture local medicines, medical equipment and services and to be supported by research centers in the wake of the numerous new programs launched in the Kingdom to ensure the quality of these medicines.
Al-Hamou said that the existence of a local industry gives an opportunity to present better health services and lessens dependence on imported technologies.
The Modern Healthcare Solutions Company, one of the ventures of the Modern Industrial Investment Group Holding (MIIGH), concluded a cooperative partnership deal with Pharmaniagia Behard, a majority-owned Malaysian government Industrial Company for pharmaceuticals and medical resources, on Saturday.
The agreement was made to design, establish and operate a number of complexes for pharmaceutical and medical equipment at a cost of SR 600 million, which will require cooperation with planning centers, logical support and distribution in the Kingdom.
The agreement was signed by Abdul Aziz Fahd Al-Hamou, vice president of Modern Investment Group Holdings, and Datouk Farshila Omran, a representative of the Malaysian firm, in the presence of Prince Turki bin Abdul Rahman, MIIGH chairman.
The signing ceremony was held at the Radisson Blu hotel.
"This is a vital step to create sustainable development as seen in the Kingdom under the leadership of Custodian of the Two Holy Mosques King Abdullah, the crown prince and the government in encouraging foreign investors to invest in Saudi Arabia," said Prince Turki.
Prince Turki said the establishment of an industrial pharmaceutical complex with Malay expertise will result in the transfer of pharmaceutical technology to the Kingdom and the availability of quality medicine in the Saudi market at affordable prices, adding that at present, Saudi Arabia imports 80 percent of its medicines from abroad.
Al-Hamou said the objective of the industrial complex is to manufacture local medicines, medical equipment and services and to be supported by research centers in the wake of the numerous new programs launched in the Kingdom to ensure the quality of these medicines.
Al-Hamou said that the existence of a local industry gives an opportunity to present better health services and lessens dependence on imported technologies.
© Arab News 2013
