KSA to grant 3M, Pfizer licenses to invest

Minister of Commerce and Investment Majed bin Abdullah Al-Qasabi. (SPA file photo)
Updated 28 June 2016

KSA to grant 3M, Pfizer licenses to invest

RIYADH: Saudi Arabia is set to grant licenses to American firms 3M and Pfizer to operate and invest in the kingdom, Minister of Commerce and Investment Majed bin Abdullah Al-Qasabi has said.
He said the agreements are to be signed during Deputy Crown Prince Mohammad bin Salman’s ongoing visit to the United States to strengthen ties and boost American investments in Saudi Arabia, according to Saudi Press Agency (SPA).
Al-Qasabi said that 3M and Pfizer will add “a lot of value” to the Saudi market considering their high stature in their respective fields.
3M Company manufactures a wide range of products from dental and medical to car care products and electronic circuits, while Pfizer is one of the world’s largest pharmaceutical companies.
The Dow Chemical Company became the first foreign firm to be awarded a trading license from the Saudi government, with 100 percent ownership, Al-Qasabi said.
SPA said Apple’s entry into the Saudi market are under discussion.


Hikma raises annual sales outlook for top two units

Updated 07 August 2020

Hikma raises annual sales outlook for top two units

  • Core operating profit for the six months to June 30 rose 15 percent year-on-year to $284 million

Hikma Pharmaceuticals revised its annual sales outlook for two of its biggest divisions on Friday and reported higher first-half profit, as hospitals and distributors stocked up on critical medicines during the COVID-19 pandemic.
The UK-based company, which supplies many generic drugs including anaesthetics, pain medications, sedatives, neuromuscular blocking agents and anti-infectives, said core operating profit for the six months to June 30 rose 15 percent year-on-year to $284 million.