Pakistani companies, including Citi Pharma Limited and Pakistan Cables, have entered into major collaborations with Saudi firms, further strengthening economic ties between the two nations.
Citi Pharma Limited has announced a joint venture with Saudi Arabia’s All Care Group of Investment to establish a cutting-edge pharmaceutical facility in the kingdom. This new facility will focus on producing essential Active Pharmaceutical Ingredients (APIs) and formulations vital for medicine manufacturing.
Under the agreement, Citi Pharma will be responsible for transferring the necessary technology to ensure production adheres to international Good Manufacturing Practices (GMP) standards. All Care Group will handle the acquisition of land, infrastructure development, regulatory product registration in Saudi Arabia, and securing financing through local banks.
The facility is expected to serve not only the Saudi market but also the broader Middle East and North Africa (MENA) region, which boasts a population exceeding 500 million. Additionally, it will act as a strategic hub for exporting pharmaceuticals to markets in South Africa and beyond.
Citi Pharma sees this venture as a key step in enhancing its operational efficiency while solidifying its presence in the global pharmaceutical industry. The partnership will enable the company to locally produce vital chemicals like Naphtha cracker chemicals, Phenol, and Benzene in Saudi Arabia, driving down costs and broadening its international footprint.
