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Saudi tycoon seeks Indian aid for pharma venture
A prominent Saudi businessman is seeking investment and technology from India for the a pharma project in Jeddah.
A prominent Saudi Arabian businessman, who plans to set up a pharmaceutical plant in Jeddah, is seeking investment and technology from India for the project.
Citing the huge market for medicines, Abdul Khaleq Saeed, the businessman, said he plans to establish a pharmaceutical factory in the Kingdom at a cost of Rs 660 crore. He said he was holding negotiations with Indian officials and investors to establish the plant.
"We will discuss all aspects with the Indian side to establish the factory either by the participation of Indian investors or by transferring Indian technology," he told Arab News.
Describing the new factory as one of the largest investment projects in the Kingdom, Saeed said he would cater to the growing demand for medicine as a result of population growth and the presence of a large number of expatriates.
"The foreign investment law allows Saudi businessmen to enter into deals with international companies having vast experience to establish vital projects," he said.
The pharmaceutical market in the Arab countries is estimated at USD six billion, of which the six-member Gulf Cooperation Council (GCC) region accounts for USD 1.6 billion.
In the Gulf countries, Saudi Arabia market size is worth USD one billion, followed by the United Arab Emirates (USD350 million), Kuwait (USD160 million), Qatar (USD80 million), Oman (USD60 million), and Bahrain (USD30 million).
