Eva Pharma inks agreement to boost pharmaceuticals industry in Saudi Arabia
Updated 12/14/2023 8:00:00 AM
Arab Finance: The Egyptian pharmaceuticals firm Eva Pharma has signed a partnership agreement with the Saudi Ministry of Investment to support the pharmaceuticals industry in Saudi Arabia, the company’s CEO Riad Armanious said in an interview with Al Arabiya Business.
Under the deal, the firm has laid the foundation stone of an integrated industrial park, comprising five factories and a research center, in the Saudi city of Sudair, Armamious said.
Spanning an area of over 50,000 square meters, the park will be established with direct investments estimated at over SAR 450 million, he highlighted.
The project’s construction works are set to start in early 2024, he noted, saying that the company will apply for the construction licenses before the end of 2023.
Moreover, Armamious expects the park to begin production by the second quarter (Q2) of 2025, adding that the five factories will reach their full production capacity in 2026.
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