Riyadh – Mubasher: Pfizer plans to open a pharmaceutical facility in King Abdullah Economic City (KAEC) in Saudi Arabia by 2017 to manufacture 16 of its leading medicines, according to a press release from Pfizer.

The pharmaceutical company has received the Saudi trading licence that allows it to consider many other investment projects in healthcare sector.

“The new license, which is immediately effective, gives Pfizer 100% ownership of its business in Saudi Arabia – to, among other things, import, export and trade in products -- permitting a supply of quality innovative and essential medicines directly to the Saudi market” the statement said.

The release cited Saudi minister of trade and investment, Majid Bin Abdullah Al-Kassabi as saying, “As one of the international companies investing in the Kingdom, Pfizer has been granted a trading license with 100% ownership, a step that will contribute to the expansion of its activities for the localisation of the pharmaceutical industry in Saudi Arabia.”

He added that the kingdom will provide the company with all the necessary facilities to achieve the development goals of the Saudi National Transformation Programme 2030.