FaceOf: Dr. Faisal Dail, chairman of the Saudi National Committee for Pharmaceutical Industries

Dr. Faisal Dail
Updated 29 August 2018

FaceOf: Dr. Faisal Dail, chairman of the Saudi National Committee for Pharmaceutical Industries

Dr. Faisal Dail is the chairman of the National Committee for Pharmaceutical Industries (NCPI). NCPI is the leading association for pharmaceutical manufacturers in Saudi Arabia. Dail has been serving in this position since his appointment after election by committee members in March 2018.

His role in the NCPI includes assuring that the NCPI is on the right track to meet its objectives and goals of providing patients with safe, effective and affordable medicine at the best quality.

Dail has almost 20 years of experience in the pharmaceutical industry in Saudi Arabia. He began his career at Merck Sharp & Dohme (MSD) Pharmaceuticals.

Dail has served as the deputy general manager at AJA Pharma Industries Company since May 2014. It is a subsidiary of Saudi Chemical Co., which is a leading joint stock company.

AJA Pharma enjoys many partnerships with global pharma companies in licensing, contract manufacturing and other collaboration forms.

Dail earned his bachelor degree in pharmacy in 1998 from King Saud University in Riyadh, while he obtained his master’s degree from the same university in business administration in 2003.

NCPI, led by Dail, aims to be the moving force in pharmaceutical industry development in the Kingdom to operate the industry along modern lines.

NCPI will participate in the Saudi International Pharmaceutical Exhibition and Conference at the Riyadh International Convention and Exhibition Center as a strategic partner from Nov. 19-21. 

Dail said that the committee’s participation in exhibitions and conferences for the development of pharmaceutical industries in the Kingdom is part of its strategy to increase the production of medicine locally at international quality using national expertise and competencies.

He said that 20 percent of the local market demand for medicines is produced by Saudi pharmaceutical industries. The aim is to increase production to cover 40 percent of local demand by 2020, according to the National Transformation Program (NTP) 2020.


Concerns rise over fake gold in Saudi Arabia

Local gold markets have seen stagnation in recent times, because of the increasing price of gold on international stock markets. (Photo/Shutterstock)
Updated 22 February 2020

Concerns rise over fake gold in Saudi Arabia

  • Accusations fly as pilgrims targeted by sellers of counterfeit precious metal

JEDDAH: A video posted on Twitter by a member of the Precious Metals Committee explaining the ways some gold manufacturers manipulate weight of gold and diamonds has attracted significant attention in Saudi Arabia, raising the question of the authenticity of gold in the Kingdom.

In the video, Mohammed Azooz said cover-ups have made many Saudi gold sellers lose power over the market, and that industry was being controlled by non-Saudis.
In the video, he explained how some people circumvented customs and sneak gold into the country, especially during the Hajj season to target pilgrims.
The Arabic translation of #cheating_in_jewelry has been trending in Twitter for a few days, and several people posted about the issue, blaming those who were selling fake gold to pilgrims as pure gold.
This is not the first time the fake gold issue has been raised. The World Gold Council previously suspended its activities in the Kingdom following claims that some jewelry manufacturers mixed glass with gold. Former Minister of Commerce and Industry Abdullah Zainal rejected the accusations at the time, described them as “grave and dangerous.”
Local gold markets have seen stagnation in recent times, because of the increasing price of gold on international stock markets.

FASTFACTS

• Types of gold depend on the percentage of gold per kilogram. For example, 24k gold, which is considered the best in quality, is 99 percent gold mixed with 1 percent of precious metal such as silver or copper. This type of gold is considered pure, and not used for adornment.

• For a kilogram of 22k gold, 125 grams of precious metals are added to 875 grams of pure gold; 150 grams of precious metals are added to 850 grams to make a kilogram of 21k gold, and 18k gold has 250 grams of precious metals per kilogram.

The price of one kilogram of 24 karat (k) gold in the Kingdom can reach SR185,000 ($46,700).
Gold and economic experts say that the movement in gold prices depends on numerous factors such as political and economic events around the world, the price of the US dollar in banks, black markets, as well as the supply and demand trends in global stock markets.

Types of gold depend on the percentage of gold per kilogram. For example, 24k gold, which is considered the best in quality, is 99 percent gold mixed with 1 percent of precious metal such as silver or copper. This type of gold is considered pure, and not used for adornment.
For a kilogram of 22k gold, 125 grams of precious metals are added to 875 grams of pure gold; 150 grams of precious metals are added to 850 grams to make a kilogram of 21k gold, and 18k gold has 250 grams of precious metals per kilogram.

Opinion

This section contains relevant reference points, placed in (Opinion field)

The Kingdom has launched an initiative, the first of its kind, authorizing authorities to launch a Shariah-based gold investment fund to enrich investment products through the Saudi Stock Exchange (Tadawul).
Moath Alkhasawneh, CEO and board member of FALCOM Financial Services, said the FALCOM Gold Fund was officially licensed by the Capital Market Authority. The fund aims to add value to Tadawul through a Shariah-based investment fund, as gold trading transactions are considered a good investment and a high-quality commodity with low risks in investment portfolios.
“Gold retains its value compared to banknotes — their value decreases because of inflation. The high demand on gold in light of the shortage of supply can drive the prices of gold higher in the long run,” said Alkhasawneh.
“The gold investment fund focuses on investment in pure and precious gold, and the investment transactions will take place at the Switzerland Gold Market under the supervision of the higher authorities in Switzerland. This will make it safer and more flexible.”