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. Amr Al Dabbagh, Governor, SAGIA; Fahd Abdul Mohsen Al-Rasheed, Board member and chief executive officer, Emaar E.C., and Antoine Ortoli, Sanofi-Aventis senior vice-president Pharmaceutical Intercontinental, signed the MoU in Riyadh and Paris, recently. Al Dabbagh said: “Saudi Arabian General Investment Authority is committed to achieving its Vision 10x10 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.” 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.” 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.” __
