Biopharmaceutical firm Pfizer Inc has announced it will set up a pharmaceutical manufacturing plant in King Abdullah Economic City (KAEC).

The contract signing ceremony, hosted by project facilitators Saudi Arabian General Investment Authority (Sagia) and Pfizer, further demonstrates Pfizer’s commitment to supporting the development of the Saudi pharmaceutical industry and to improving patient access to its medicines in Saudi Arabia, a statement said.

The project will incorporate medicine manufacturing and packaging technologies within one complex. It will ensure local production of Pfizer’s pharmaceutical medicines, and facilitate the transfer of some expertise and technology from Pfizer to the local market in Saudi, ensuring production meets Pfizer’s rigorous and globally recognised quality standards, the statement added.

“This project underlines the tireless efforts of the Saudi Government represented by Sagia in attracting and facilitating world-class inward investment in the healthcare arena,” said Mohanad Hilal, Secretary General of Economic Cities Authority.

“It highlights the tangible steps that have been made by Saudi Arabia toward diversification into non-oil based industries and resources. With the foundations laid for such prominent partnership ventures, Saudi Arabia is sending a very strong and positive message to the world - that we are well positioned to host world-class industry leaders, suppliers and manufactures.”