Sanofi, a global diversified health care leader has laid its foundation stone in King Abdullah Economic City (KAEC). Sanofi will be the first global pharmaceutical company to establish its industrial facility with a 100 percent foreign direct investment in the Kingdom, as it was given a unique opportunity to develop its independent presence in the Kingdom in 2011.
The foundation stone was laid at a ceremony in the presence of Bertrand Besancenot, French Ambassador to Saudi Arabia, top executives from Sanofi, Fahd Al-Rasheed, MD and CEO of KAEC, and representatives of the Economic Cities Authorities.
Philippe Luscan, Sanofi’s SVP for industrial affairs, said: “We are proud that this pioneer project is the first of its kind in the Kingdom and the Gulf Area that offers world-class treatment solutions. In fact, the encouraging investment environment and the solid economic situation in Saudi Arabia have had a conclusive effect on our decision to go ahead with this project.”
Fahd Al-Rasheed, MD and CEO of KAEC, said: “In the case of Sanofi, we are especially pleased with their choice of KAEC for their first manufacturing facility since it contributes to the development of a thriving pharmaceutical industry that will bring great benefits to the Kingdom and its citizens.”
Antoine Ortoli, Sanofi SVP intercontinental region, added: “Sanofi is proud to consolidate its presence in the promising Saudi market through the exchange of experiences in research and production for the benefit of Saudi Arabia and its citizens. This cooperation will be reflected in locally-made medical treatments of high-quality and at affordable cost.”
