RIYADH, Saudi Arabia – Ashmore Investment Saudi Arabia, today announced the signing of the first investment under its Industrial Initiative, with the acquisition of a minority stake through a primary capital increase in Pharco KSA, the Saudi subsidiary of Pharco Pharmaceuticals.

The signing between Ashmore and Pharco took place at the PIF Private Sector Forum.

As part of the transaction, Pharco is consolidating all its Saudi operations under Pharco KSA. The investment is intended to support Pharco KSA’s expansion in Saudi Arabia and to accelerate the construction and commissioning of a state-of-the-art pharmaceutical manufacturing facility spanning approximately 62,000 square metres in Al Madinah Industrial City.

Commenting on the transaction, Ahmed Al-Mohaisen, CEO, Managing Director and Board Director of Ashmore Investment Saudi Arabia, said: “This investment reflects our long-standing conviction in the Kingdom’s industrial sector and its strong growth potential, particularly in areas that enhance local content and domestic manufacturing. The Industrial Initiative is designed to attract high-value investments that are aligned with and support Vision 2030 objectives, and our partnership with Pharco, and SIC as anchor investor in the initiative, provides critical access to the Kingdom’s industrial ecosystem to deliver sustainable, long-term impact.”

The facility is designed to manufacture solid oral dosage forms and injectables, with built-in flexibility and ample room to expand into additional dosage forms over time. Initial production is targeted to focus on high-demand chronic and primary care treatments, including cardiovascular, diabetes and respiratory therapies, alongside a broader portfolio of essential medicines, reflecting both Saudi market needs and Pharco’s established product strengths. The facility supports Pharco KSA’s targets to commence local operations in 2027.

The transaction demonstrates the commercial viability of Saudi Arabia's industrial transformation and the effectiveness of strategic partnerships between Ashmore, an international investment manager, SIC as an anchor, and institutional strategic partner, and Pharco, an established regional operator. The partnership model exemplified by this transaction combining global emerging markets expertise with deep local knowledge is designed to accelerate the execution of high-quality industrial investments that strengthen domestic supply chains, enhance local content, and create sustainable employment.

Fahad Alnaeem, CEO of SIC, added: “At SIC we focus on enabling global managers to deploy institutional capital effectively in Saudi Arabia. By providing cornerstone capital and strategic ecosystem and market access, we help reduce entry barriers and support development of competitive, locally anchored industrial platforms. Our partnership with Ashmore demonstrates that rigorous commercial discipline combined with strategic local partnership will deliver commercial returns and measurable economic impact”

Dr Sherine Helmy, Chairman of Pharco Corporation, said: “Pharco was founded with the purpose of improving access to healthcare and making a meaningful difference in people’s lives. We have built deep technical and operational capabilities across several countries, and have supported large-scale public health initiatives, including efforts to eliminate Hepatitis C in Egypt. Saudi Arabia is a core focus market for Pharco, underpinned by more than three decades of consistent medicine supply to the Kingdom. The capital increase from Ashmore represents the next phase of our commitment, accelerating local pharmaceutical manufacturing and strengthening medicine supply in line with Saudi Arabia’s Vision 2030 objectives.”

Pharco is the largest pharma manufacturer in MENA by volume, operating a portfolio of more than 400 brands across 15 therapeutic areas, with daily production capacity exceeding 1.5 million medication packs across its global manufacturing footprint, with 11 pharmaceutical manufacturing plants spanning more than 250,000 square meters, positioning it as a major hub for industry in the Middle East and Africa.

This first investment in cooperation with Ashmore underscores the firm’s continued focus on priority sectors, including industrials, healthcare, and education, while highlighting the role of private capital in advancing Saudi Arabia’s economic diversification agenda.

The strategic partnership with Ashmore aims to advance the localisation of high-quality pharmaceutical manufacturing, strengthen medicine security and reduce reliance on imports, in line with Vision 2030 healthcare and industrial transformation objectives.

Maged El-Ayouti, Co-Head of Investment Banking at EFG Hermes, stated: “We are proud to have played a role in orchestrating a deal between Pharco and Ashmore and supporting a partnership that aligns strategic capital from a global emerging market investor with a regional heavyweight in the pharmaceutical industry. We continue to see strong opportunities for cross-regional investments that bring together complementary partners and drive long-term integration across markets, especially with sponsors that have extensive experience, brand equity, know-how, and capabilities. This transaction reflects the broader potential for deeper integration between platforms and investors across Egypt, Saudi Arabia, and the wider region.”

EFG Hermes acted as the sole financial advisor on the transaction.

About Ashmore Investment Saudi Arabia: Ashmore Investment Saudi Arabia is a Saudi-based investment manager licensed by the Capital Market Authority (License No. 14174-22), with a history of investing across priority sectors aligned with Vision 2030. Ashmore Investment Saudi Arabia is a Riyadh-based investment manager and a subsidiary of Ashmore Group plc, one of the world’s leading emerging markets investment firms. Established in 2014, the company is licensed and regulated by the Saudi Capital Market Authority to engage in advising, arranging, managing investments and operating funds in Saudi Arabia. Ashmore specializes in delivering tailored investment solutions across asset management, private markets, and advisory services, supported by the global expertise of Ashmore Group, which manages significant assets for institutional and individual clients worldwide.

About SIDF Investment Company (SIC)
The SIDF Investment Company (SIC) was established to accelerate the development of Saudi Arabia’s industrial sector by facilitating strategic private sector participation and delivering innovative investment solutions. SIC focuses on key national sectors including industry, mining, energy, and logistics, with the aim of building an integrated and sustainable industrial ecosystem.

About Pharco Pharmaceuticals: About Pharco Pharmaceuticals
Pharco Pharmaceuticals is the founding company of the Pharco Group and one of the leading pharmaceutical manufacturers in Egypt, the Middle East and Africa. Established in 1983 by Dr. Hassan Abbas Helmy, the company develops, formulates, manufactures, markets, and exports a comprehensive range of generic and branded generic medicines and licensed products. Pharco’s group of healthcare companies operates across research, manufacturing, distribution, and commercialization, offering high-quality pharmaceutical products that improve patient outcomes. Today, Pharco employs thousands of people and exports to more than 50 countries worldwide, delivering safe, effective, and affordable medicines across multiple therapeutic categories. The company is headquartered in Amriya, Alexandria, Egypt

About EFG Hermes
EFG Hermes, an EFG Holding company, HRHO.CA, is the leading investment bank in the Middle East and North Africa. As the financial partner of choice in MENA, it combines deep regional insight with global expertise to serve individuals, corporations, institutions, and governments. The firm offers a comprehensive suite of financial services across Sell-Side and Buy-Side activities, including Investment Banking, Brokerage, Research, Asset Management, and Private Equity. With a focused distribution network, rigorous sector coverage, and extensive experience in execution, EFG Hermes delivers tailored solutions to meet clients’ needs

Media Contacts

Edelman Smithfield
Sarah Al Zahrani | Sarah.Alzahrani@edelmansmithfield.com

Pharco Pharmaceuticals
Adel Heikal | Adel.Heikal@Pharco-corp.com | 

EFG Holding
May El Gammal | melgammal@efghldg.com |