Pfizer Inc. (PFE) Lays Foundation Stone for Factory in Saudi Arabia
3/1/2013 7:45:41 AM
Pfizer Inc., one of the largest pharmaceutical companies in the world, announced Wednesday that it has laid the foundation stone for its drug factory which will be constructed in the King Abdullah Economic City (KAEC), the first in the Gulf region, according to the Saudi Press Agency. The foundation stone was laid during an event held here Wednesday and attended by the secretary general of the Economic Cities Authority (ECA), Muhanad Hilal, and senior officials of the Ministry of Health, Saudi Food and Drug Authority, and the Ministry of Commerce and Industry. The new plant will start operating in 2015 and will incorporate medicine manufacturing and packaging technologies to produce Pfizer medicines in the Kingdom. The production capability is expected to reach 18 million medicine packets per annum. The governor of the Saudi Arabian General Investment Authority (SAGIA) Abdul Latif Al-Othman said this project reflects the fact that the Kingdom enjoys an excellent investment environment due to its stable economy and solid infrastructure.