SAGIA and Emaar, The Economic City sign MoU with Sanofi-aventis to establish entity in KAEC

Saudi Arabian General Investment Authority (SAGIA) and Emaar, The Economic City (Emaar.E.C) have signed a Memorandum of Understanding (MoU) with Sanofi-aventis to establish an entity of the leading global pharmaceutical company in King Abdullah Economic City (KAEC), the single largest private sector development in the region.

Developed by Emaar.E.C, with SAGIA as the prime facilitator, KAEC has emerged as one of the global hotspot investment destinations in a range of industries. Sanofi-aventis is one of the first pharmaceutical majors to establish a significant presence in KAEC, which will also have a full-fledged Healthcare City to drive the medical needs of its residents.

His Excellency Mr Amr Al Dabbagh, Governor, SAGIA; Mr Fahd Abdul Mohsen Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C, and Mr Antoine Ortoli, Sanofi-aventis Senior Vice-President Pharmaceutical Intercontinental, signed the MoU in Riyadh and Paris, recently.

Mr Al Dabbagh said: “Saudi Arabian General Investment Authority is committed to achieving its Vision 10×10 of making the Kingdom one of the world’s top ten investment destinations. As a pioneering Economic City, KAEC is strengthening Saudi Arabia’s standing as a globally preferred destination for investors. The MoU with Sanofi-aventis is a reiteration of the multi-pronged investment options offered by KAEC.”

Mr Al-Rasheed added: “In the past months, KAEC has consolidated its strong position in various high-growth sectors. The MoU with Sanofi-aventis marks the opportunities that KAEC offers for pharmaceutical companies in strengthening their base in the Kingdom. By establishing an entity in KAEC, Sanofi-aventis will also complement our Healthcare City initiatives.”

Mr Ortoli said: “Sanofi-aventis has been operating in Saudi Arabia for more than 30 years, scientifically supported by a local medical, marketing and support staff of more than 200 employees operating allover the Kingdom. Sanofi-aventis has seen tremendous growth in the Kingdom and has achieved a leading position and role in the healthcare sector. We are excited to continue to expand our activities in Saudi Arabia with the inception of a new entity located in KAEC which will further develop the pharmaceutical cluster in Saudi Arabia.”

Sanofi-aventis, a leading diversified global healthcare company, discovers, develops and distributes therapeutic solutions centered on patients need all around the world. Headquartered in Paris, France and with nearly 100,000 employees worldwide, most recent figures reveal that in 2008, sanofi-aventis generated €28 billion (SAR 135 billion) in global sales, making it the largest pharmaceutical company in France as well as in Europe and in Emerging Markets.

Sanofi-aventis employs a regional strategic approach based on its capacity to generate growth everywhere through diversified growth platforms on the basis of its major pharmaceutical core products and vaccines, while developing partnerships tailored to individual country needs complementing its portfolio with additional biologics, consumer health, generics or animal health offer.

Located by the Red Sea Coast on 168 million sq m of land, KAEC has six key components – The Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort District and Residential Communities. Emaar.E.C has launched the first phase of the project to overwhelming investor response.