By Souhail Karam
Global drugmaker earmarks new entity for King Abdullah Economic City.
Sanofi-Aventis, the world's fourth biggest drugmaker, has agreed to open an entity in the planned King Abdullah Economic City in Saudi Arabia, the city's developer said on Sunday.
A statement from Emaar Economic City, King Abdullah Economic City's developer, said it has signed a memorandum of understanding with the firm.
Sanofi-Aventis has been operating in Saudi Arabia for more than 30 years supported by more than 200 employees in the world's top oil exporter, said spokesman Antoine Ortoli.
"We are excited to continue to expand our activities in Saudi Arabia with the inception of a new entity ... which will further develop the pharmaceutical cluster in Saudi Arabia," he said in the statement issued by Emaar Economic City.
The entity will be located in the city's healthcare district, Fahd al-Rasheed, Emaar Economic City's Chief Executive, said in the statement.
King Abdullah Economic City is among four mega property projects planned by the kingdom to diversify its oil-based economy and create jobs for a rapidly growing native population. (Reuters)