Pakistan and Saudi Arabia sign key agreements in pharma, energy sectors

WEB DESK: Pakistani companies, including Citi Pharma Limited and Pakistan Cables, have entered into key partnerships with Saudi firms to strengthen economic ties between the two countries.

Citi Pharma Limited has signed a joint venture with Saudi-based All Care Group of Investment to set up a state-of-the-art pharmaceutical facility in Saudi Arabia.

This facility will produce essential Active Pharmaceutical Ingredients (APIs) and formulations, which are crucial for medicine manufacturing.

As part of the agreement, Citi Pharma will handle the transfer of technology, ensuring that the production process meets international Good Manufacturing Practices (GMP) standards.

All Care Group, on the other hand, will focus on acquiring land, developing infrastructure, registering the products with Saudi regulatory bodies, and securing financing from local banks.

The new facility aims to serve not only Saudi Arabia but the wider Middle East and North Africa (MENA) region, which has a population of over 500 million. It will also act as a strategic hub for exporting pharmaceuticals to markets like South Africa and beyond.

Citi Pharma believes this venture will not only boost its efficiency but also strengthen its position in the global pharmaceutical market.

The partnership will allow the company to produce key chemicals such as Naphtha cracker chemicals, Phenol, and Benzene locally in Saudi Arabia, reducing costs and expanding its international reach.

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