By Staff writer
Kuwait-based Gulf Investment Corportation announces plan after taking stake in Saudi pharma firm
Kuwait-based Gulf Investment Corporation (GIC) has announced plans to establish a pharmaceuticals complex focusing on high-end generic drugs for cancer treatment.
The plan follows the company's acquisition of a significant minority stake in Sudair Pharmaceuticals Company, the owner and the developer of Sudair Specialized Pharmaceuticals Complex in Saudi Arabia.
The company said in a statement that the plant will be the first of its kind in the Middle East.
Mohammad Abdulaziz Al-Fares, head of Diversified Projects Division – GIC, said: “The corporation has entered as a major investor with a stake of 35 percent of the share capital of Sudair Pharmaceuticals Company, which will enhance the role of the corporation in the development of the specialized pharmaceutical industries sector in the region.
"In addition, this type of vital investment will effectively contribute to the support of drug security by providing these products of a sensitive nature to a critical segment of patients at competitive prices in accordance with the highest international standards."
Dr Yasser Al-Obaida, CEO of Sudair Pharmaceuticals Company added: “This investment is part of the company's plan to build and attract partnerships of a strategic nature that will open new horizons for further nationalisation."
GIC said it has invested in more than 50 projects in the region in various and diversified sectors in partnership with institutions from private and government sectors.