Karachi October 11 2024: Citi Pharma Limited is proud to announce the signing of a JV agreement with All
Care Group of investment to Establish APl (Active Pharmaceutical lngredient)
and Formulation Facility in the Kingdom of Saudi Arabia (KSA).
This collaboration
represents a pivotal step forward for the pharmaceutical industry in the region, aligning with
Sal1di Arabia’s Vision 2030 under Crown Prince Mohammed Bin Salman AI Saud, which aims to promote self sufficiency in biotech and pharmaceutical production, and position lhe
KSA as a global exporter of pharmaceutical products.
As part of the agreement, Citi Pharma Limited will bring its extensive technical expertise and oversee technology transfer to Saudi Arabia, ensuring the production of high-quality
APIs and formulations compliant with intemational Good Manufacturing Practices (GMP).
All Care Group of Investment will be responsible for land aequisition and infrastructure development, products registration with Saudi Regulatory Authorities and securing financing through local banking institutions.
The joint venture will focus on manufacturing essential APIs and formulation products to meet the healtheare needs of the KSA and the broader MENA (Middle East and North Africa) region, whichserves a population of over 500 million. The facility will also set as a strategic export hub, targeting markets in MENA, South Africa, and beyond. With Saudi Arabia’s access to abundant and cost-effective raw materials, the venture will enhance production efficiency and position of Citi Pharma as a significant player in the global pharmaceutical landscape. Additionally, this partnership opens the door to exporting Citi Pharma’s products to Other regions, including India, China, and Other international markets
across the globe.
A major highlight of this venture is the future local production of key chemicals like Naphtha cracker chemicals, Phenol, and Benzene materials that Citi Pharma currently imports. With the establishment ofthis Saudi based facility, Citi Pharma will be able to produce these chemicals at significantly lower costs and export them worldwide, ensuring competitivc pricing and broad market reach.
Commenling on the partnership, Mr. Rizwan Ahmad, CEO of Citi Pharma Limited, stated : “This joint venture is a significant milestone in our journcy towards becoming a
global pharmaceutical leader. By combining Citi Pharma’s technical expertise with Saudi Arabia’s strategic resources, we are set to manufacture affordable, high-quality APIs and formulations, not only for local consumption but also for export to international markets.
