SAGIA grants Pfizer 100% ownership of KSA business

Updated 29 July 2016

SAGIA grants Pfizer 100% ownership of KSA business

RIYADH: Saudi Arabian General Investment Authority (SAGIA) granted the US pharmaceutical company Pfizer Inc. 100 percent ownership of its business in the Kingdom 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 new license is effective immediately.
Majid Al-Qassabi, minister of commerce and investment, and chairman of SAGIA’s board of directors, said: “As one of the international companies investing in the Kingdom, Pfizer has been granted a trading license with 100 percent ownership, a step that will contribute to the expansion of its activities for the Saudization of the pharmaceutical industry in Saudi Arabia.
"The company proposed a distinct action plan for future projects and the Saudi government looks forward to providing Pfizer with the support it needs, as part of an effective partnership between the public and the private sector in order to achieve the development goals of the Kingdom, which are crystallized by Vision 2030, and part of which aims to enhance the role of the private sector in the Saudi economy.”
Pfizer plans to open in 2017 a facility in the King Abdullah Economic City to manufacture 16 of its leading medicines.
The trading license will also allow the company to consider many other investment projects aimed at advancing the health care goals of the National Transformation Program (NTP 2020), which is the first phase of Vision 2030, spearheaded by the Council of Economic and Development Affairs (CEDA) chaired by Deputy Crown Prince Mohammed bin Salman.
John Young, group president, Pfizer Essential Health, said: “We are honored to be one of the first companies to receive fast-track approval of a trading license.
"This is yet another step in our long-term commitment to the Kingdom and a reflection of our shared commitment, with the government, to provide a continued reliable supply of innovative and essential medicines to Saudi patients.”
He underlined that Pfizer’s obtaining the trading license from the SAGIA demonstrates the shared commitment to developing the Kingdom’s healthcare market.
“Pfizer Inc. has set the standard for quality, safety and value in the discovery, development and manufacture of healthcare products and its global portfolio includes medicines and vaccines as well as many of the world's best-known consumer healthcare products,” said Young.


Kuwait MPs launch probe into Airbus deal

Updated 19 February 2020

Kuwait MPs launch probe into Airbus deal

  • The decision came after a debate on allegations that Airbus paid kickbacks to secure a deal 6 years ago
  • The parliament also asked the finance ministry to review recent aircraft deals involving state-owned Kuwait Airways

KUWAIT CITY: Kuwait's parliament on Wednesday formed a fact-finding panel to probe alleged kickbacks in a deal between the national carrier and Airbus, which last month paid massive fines to settle bribery scandals.
The parliament's decision came after a special debate on allegations that Airbus paid kickbacks to secure a 25-aircraft deal six years ago.
It also asked the Audit Bureau, the state accounting watchdog, to investigate the deal, which was reportedly worth billions of dollars, although exact figures were never released.
Kuwait Airway Co. in 2014 ordered 15 Airbus 320neo and 10 Airbus 350, with delivery beginning last year and continuing until 2021.
Opposition lawmaker Riyadh al-Adasani told the session that Kuwait was mentioned in a settlement struck by Airbus in a British court on January 31, along with the names of some Kuwaiti officials and citizens.
Under the settlement, Airbus agreed to pay 3.6 billion euros ($3.9 billion) in fines to Britain, France and the United States to settle corruption probes into some of its aircraft sales.
Days after the settlement, Sri Lanka ordered an investigation into a multi-billion dollar aircraft purchase from Airbus after the deal was named in the settlement.
The former chief of Sri Lankan Airlines, Kapila Chandrasena, was arrested on February 6 for allegedly receiving bribes relating to the deal.
Earlier this month, two senior officials of the Malaysia-based AirAsia stepped aside while authorities probe unusual payments at the carrier, as the fallout from the Airbus scandal reverberated across the industry.
Kuwait in recent years also initiated criminal investigations into two large military aircraft deals involving Airbus -- a $9 billion Eurofighter Typhoon warplanes deal and a contract for 30 Caracal military helicopters costing $1.2 billion.