AbbVie to produce medicines in KSA

Updated 09 April 2014

AbbVie to produce medicines in KSA

AbbVie has announced its launch in Saudi Arabia as an independent biopharmaceutical company after separation from Abbott Laboratories.
The event was attended by Abboud Bejjani, vice president of AbbVie in the Middle East and Rami Fayed, General Manager of AbbVie Saudi Arabia, in addition to officials from the Ministry of Health and both public and private hospitals as well as professionals from the industry.
AbbVie also announced the local production of some of its medicines, including the world’s leading biologic therapy for auto-immune diseases, through a partnership with the Arab Pharmaceutical Product Company (Arabio).
With a 125-year heritage of developing pharmaceuticals, AbbVie combines the focus and passion of a leading-edge biotech with the expertise and structure of a long-established pharmaceutical leader.
A global enterprise that serves patients in 170 countries, AbbVie launches in Saudi Arabia with a strong commitment to the country’s health care, where it has been operating as Abbott for around 55 years.
“Today is incredibly exciting for all of us at AbbVie: We are launching a new company with a great heritage, a strong portfolio, a solid pipeline and committed people who will focus on the needs of patients in Saudi Arabia,” said Abboud Bejjani, vice president, Middle East, Africa and Pakistan, AbbVie.
“AbbVie intends to be a strategic partner to the Saudi government and other local stakeholders,” said Bejjani.
“Our investments and plans for the Kingdom correspond with the vision of the country’s priorities in health care, particularly in the areas of expanding life span, improving children’s health and treating and preventing socially sensitive diseases,” said Bejjani.
AbbVie also announced the local production of some of its leading therapies, namely in the areas of auto-immune diseases and neonatology.
Rami Fayed, general manager, Saudi Arabia, AbbVie, said: “Localizing the production of some of our key therapies in partnership with leading local pharmaceutical companies is one of our priorities in Saudi Arabia. We believe that our collaboration with Arabio enhances the development of the health care environment in Saudi Arabia.”
Majed Saeed Bahatheq, general manager and CEO of Arabio, said: “This agreement is a real realization of Saudi Arabia government to develop the biological manufacturing capabilities in Saudi Arabia.”
AbbVie launches in Saudi Arabia with a broad portfolio of market leading medicines for the treatment of some of the world’s most complex and serious diseases.
The portfolio includes the world’s number one biologic and as well as other leading therapies in neonatology, anesthesia, rheumatology, gastroenterology, dermatology, neurology, virology, oncology and nephrology.
AbbVie’s long-term growth will be fueled by a compelling pipeline — with more than 10 compounds in late stage clinical trials or registration — as well as new discoveries to address diseases including Hepatitis C, Alzheimer’s disease, Parkinson’s disease, multiple myeloma and endometriosis.

US-Saudi business council reports $13bn in contracts

Updated 24 May 2019

US-Saudi business council reports $13bn in contracts

  • Improved oil prices, combined with a government focus on spending, contributed to the rise, the council said

LONDON: The value of joint Saudi-US contracts rose to $13 billion in the first quarter of 2019, according to a business council report.

That marked the highest value of awarded contracts since the first quarter of 2015, the US-Saudi Arabian Business Council said.

The value of contracts awarded during the first quarter amounted to about half of the total value in all of last year, it added.

The contracts “included many vital projects, notably in the oil, gas, water and transport sectors,” Abdallah Jum’ah, the co-chair of the council, was reported as saying by Asharq Al-Awsat.

Energy was the top sector, with $3.1 billion of the value of contracts awarded, with many struck by Saudi Aramco. 

Improved oil prices, combined with a government focus on spending, contributed to the rise, the council said.

The construction sector also looks set for a recovery after many projects were put on hold due to the oil-price crash.

“If the pace of awarding construction contracts witnessed during the first quarter of 2019 continues for the rest of the year, the index of awarding construction contracts may return to the range we witnessed before the canceling and postponing of mega projects due to lower oil revenue,” the council said.