Saudi Ministry of Investment signs MoU with Novartis

Minister of Investment Khalid Al-Falih 

Saudi Arabia’s Ministry of Investment signed a memorandum of understanding (MoU) with Swiss multinational pharmaceutical corporation Novartis to expand the Kingdom’s biopharmaceutical capabilities, Saudi Press Agency reported.

In addition, the move aims to expand local investment activities in cell and gene therapy, transfer of technologies and development of clinical research.

The MoU includes the co-creation of cell and gene centers of excellence and implementation of a long-term strategic co-manufacturing plan. It also aims to reach 75% Saudization.

Minister of Investment Khalid Al Falih said, “The Ministry of Investment remains committed to ensuring that innovative investors can take advantage of emerging opportunities, particularly within our burgeoning healthcare and life sciences sector.

“As the Kingdom continues to diversify its economy through Vision 2030, our National Investment Strategy has made the Kingdom a stable and competitive destination, as doing business has become quicker, easier, and less costly than ever before, because of policy and regulatory reforms,” he noted.