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news.Saudi Arabian General Investment Authority, or Sagia, and Emaar, The Economic City have signed a memorandum of understanding with French pharmaceutical company Sanofi-Aventis.
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Pursuant to the terms of the memorandum of understanding (MoU), Sanofi-Aventis is expected to establish its unit in King Abdullah Economic City (KAEC), reportedly the largest private sector development in Saudi Arabia.
Sanofi believes that the establishment of a new unit will help expand its activities as well as contribute to the pharmaceutical development in the Saudi region.
Fahd Abdul Mohsen Al-Rasheed, CEO of Emaar Economic City, said: “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.”