Latest news with #KhalidbinAbdulazizAl-Falih
Arab News
29-04-2025
- Business
- Arab News
Saudi Arabia, Azerbaijan sign SME deal to strengthen trade ties
RIYADH: Saudi Arabia and Azerbaijan have signed a comprehensive agreement focused on strengthening economic collaboration through the development of small and medium-sized enterprises, in a move that underscores both nations' commitment to enhancing bilateral trade and investment. The memorandum of understanding was formalized during the 8th session of the Saudi-Azerbaijani Joint Committee, held in Riyadh. It was signed between Saudi Arabia's Small and Medium Enterprises General Authority, known as Monsha'at, and Azerbaijan's Small and Medium Business Development Agency, known as KOBIA. The SME agreement aligns with Saudi Arabia's Vision 2030 strategy, which prioritizes economic diversification and entrepreneurship. For Azerbaijan, it marks another step in forging strategic partnerships in the Gulf region to bolster private-sector growth and create new market opportunities for innovative enterprises. In a statement posted on X, Monsha'at said: 'In the presence of H.E Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, and the Deputy Prime Minister of the Republic of Azerbaijan, Samir Sharifov, Monsha'at, signed a MoU with 'KOBİA' Agency, as part of the 8th session of the Saudi-Azerbaijani Joint Committee activities, to strengthen cooperation in supporting the SMEs and entrepreneurship's growth between the two countries.' The agreement encompasses a broad range of initiatives, including knowledge exchange, joint training programs, and support for technical innovation. It also promotes investment opportunities, cross-border partnerships, and institutional collaboration through exhibitions and shared platforms. Saudi Arabia and Azerbaijan come together at the 8th Session of the Joint Commission between the two nations to unlock new investment opportunities, strengthen economic ties, and drive future collaboration across key sectors. — INVEST SAUDI (@InvestSaudi) April 29, 2025 In a separate announcement, the Saudi Ministry of Investment revealed the signing of two additional memorandums of understanding between private-sector companies from both countries. 'These agreements cover the development of maritime infrastructure and the establishment of industrial and medical facilities in the Kingdom, including the production of biotechnology and oncology medicines, the establishment of research and development centers, and infrastructure for re-export warehouses,' the Ministry noted in a post on X. The joint committee also reviewed a series of potential joint ventures aimed at strengthening cooperation across mutually beneficial sectors. These initiatives are closely aligned with both countries' long-term goals for economic diversification. Officials from Saudi Arabia and Azerbaijan emphasized the importance of fostering dynamic SME ecosystems as engines of job creation, innovation, and global competitiveness. By aligning policy frameworks and enabling institutional collaboration, the two nations aim to unlock greater private-sector engagement and regional trade expansion.
Zawya
24-04-2025
- Business
- Zawya
Novo Nordisk and Lifera sign MoU to enable the local production of semaglutide GLP-1 treatments in Saudi Arabia
Riyadh, Saudi Arabia – Novo Nordisk, a leading global healthcare company, today announced the signing of a Memorandum of Understanding (MOU) with Lifera, a biopharmaceutical company owned by the Saudi Public Investment Fund, to pursue the localization of the manufacturing of semaglutide GLP-1 treatments in the Kingdom of Saudi Arabia. The MOU marks a significant step in strengthening the Kingdom's healthcare sector and pharmaceutical manufacturing capabilities. The signing ceremony was attended by H.E. Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih and several officials, along with representatives from Novo Nordisk and Lifera. Semaglutide GLP-1 treatments are the global market-leading therapeutics for weight management. Novo Nordisk plans to launch Wegovy® in the Saudi Arabian market in 2025 to treat patients living with obesity in both the public and private sectors. 'This Memorandum of Understanding is testament to our long-term commitment to people living with chronic disease in Saudi Arabia,' said Mike Doustdar, Executive Vice President, International Operations at Novo Nordisk. 'By localizing production, we are enhancing access to our life-changing medicines, enabling us to serve more people living with serious chronic diseases, while supporting local industry and skills.' Local production of semaglutide GLP-1 treatments in Saudi Arabia will improve access to healthcare for people living with chronic disease, enhance national pharmaceutical self-sufficiency, and support local skills and innovation. 'With this Memorandum of Understanding, Novo Nordisk wants to help improve the availability of critical therapies in Saudi Arabia, accelerate time-to-treatment for people living with chronic disease, and ultimately reduce long-term healthcare costs associated with serious chronic diseases,' said Melvin D'Souza, General Manager at Novo Nordisk Saudi Arabia. 'We reached nearly 1 million people with diabetes and obesity last year in Saudi Arabia and our vision is to triple that number by 2030. With a strong pipeline of new treatments and innovations on the horizon, we're focused on growing and contributing to the society in a sustainable way. Our strategy at Novo Nordisk in Saudi Arabia focuses on innovation, increasing speed and access to treatments, and continuing our close collaboration with stakeholders to ensure better outcomes for people living with chronic disease.' This MOU serves as a foundation for both parties to advance the establishment of local production capabilities for semaglutide GLP-1 treatments in Saudi Arabia. About Novo Nordisk Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines, and working to prevent and ultimately cure disease. Novo Nordisk employs about 76,300 people in 80 countries and markets its products in around 170 countries. For more information, visit Facebook, Instagram, X, LinkedIn and YouTube. About Lifera Lifera is a biopharmaceutical company launched in 2023 dedicated to advancing Saudi Arabia's biopharmaceutical sector and building national health resilience. Through its Lifera Biologics business unit, local manufacturing capacity is being developed for insulin and other peptides, vaccines, monoclonal antibodies and other biologics. Through its subsidiary, Lifera Omics, Lifera is investing in genetic testing and precision medicine to improve patient access to high quality genetic testing and to catalyse biotechnology R&D in Saudi Arabia. Lifera aims to localise the manufacturing of essential medicines and other advanced therapeutics, and to enable the achievement of goals in the National Biotechnology Strategy. Lifera will do this through partnerships and investments with leading international and Saudi companies to transfer global expertise and technology to Saudi Arabia. Lifera's differentiated vision and mission, make it an ideal partner to build the biopharmaceutical sector in Saudi Arabia. For more information visit Contact for further information: References GASTAT publishes the results of Health Determinants Statistics Publication in Saudi Arabia 2024
Zawya
18-03-2025
- Business
- Zawya
SAL joins the Private Sector Partnership Program (Shareek) and announces a SAR 4bln investment
Riyadh, Saudi Arabia – SAL Logistics Services has officially joined the Shareek Program through a strategic investment of SAR 4 billion to develop the SAL Logistics Zone in Falcon City, north of Riyadh. The announcement was made in the presence of H.E. Eng. Saleh bin Nasser Al-Jasser, Minister of Transport and Logistics Services, H.E. Eng. Khalid bin Abdulaziz Al-Falih, Minister of Investment, and H.E. Abdulaziz bin Abdulrahman Al-Arifi, CEO of the Shareek Program, along with senior officials and executives. This investment aligns with the Ministry of Investment's efforts to accelerate the growth of the logistics sector by attracting both local and international investors and fostering high-impact partnerships in this vital industry. These initiatives will enhance supply chain efficiency, improve the regulatory and operational environment, and solidify Saudi Arabia's position as a global logistics hub. The SAL Logistics Zone, spanning over 1.5 million square meters in Malham, north of Riyadh, will feature a fully integrated infrastructure, including state-of-the-art Class A warehouses, advanced operational facilities, multimodal connectivity, and smart logistics technologies. These enhancements will optimize operational efficiency and accelerate cargo flow both locally and regionally. Mr. Omar bin Talal Hariri, CEO of SAL Logistics Services, emphasized that this investment marks a strategic step in strengthening the company's capabilities and contributing to the National Transport and Logistics Strategy. He stated: 'Joining the Shareek Program reflects our ongoing commitment to investing in innovative logistics solutions, upgrading infrastructure, and enhancing supply chain efficiency in the Kingdom. The SAL Logistics Zone is not just another development project—it is a model for the future of integrated logistics services. By leveraging technology and sustainability, we aim to create an advanced operational environment that attracts investment and drives Saudi Arabia's economic growth.' H.E. Abdulaziz Al-Arifi, CEO of the Shareek Program, highlighted the importance of this partnership, emphasizing that the investment in the SAL Logistics Zone reinforces Saudi Arabia's leadership in the logistics and transportation sector while supporting major companies in achieving sustainable economic growth. He added: 'The Shareek Program is dedicated to empowering major companies to invest in strategic, high-impact projects that contribute to Saudi Vision 2030. SAL's integration into the program reflects the company's pivotal role in advancing Saudi Arabia's transformation into a global logistics hub. We look forward to witnessing the positive impact of this investment on the sector and strengthening the Kingdom's position in international trade while driving economic diversification.' This strategic partnership directly supports Saudi Vision 2030 by enhancing logistics connectivity, attracting local and international investments, and establishing a modern infrastructure that strengthens Saudi Arabia's role in regional and global trade.
Zawya
13-02-2025
- Business
- Zawya
Mideast Stocks: Gulf markets ease on U.S. tariff worries, U.S. data in focus
Most major stock markets in the Gulf fell in early trading on Thursday as markets monitored developments in U.S. tariff plans and their possible repercussions for global trade, ahead of key U.S. economic data due later in the day. U.S. President Donald Trump has said he would impose reciprocal tariffs on every country that charges duties on U.S. imports, spurring concern over a widening global trade war and a possible acceleration of U.S. inflation. Saudi Arabia's benchmark index eased 0.1%, hit by a 0.6% fall in Saudi Telecom Company and a 0.3% decrease in biggest lender Saudi National Bank. Separately, Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih said on Wednesday that 600 companies have committed to establishing regional headquarters in the kingdom. In Abu Dhabi, the index edged 0.1% higher, helped by a 0.5% increase in Abu Dhabi Commercial Bank. However, Agthia Group retreated 5.8%, despite reporting a rise in annual profit. Dubai's main share index dropped 0.2%, with blue-chip developer Emaar Properties losing 0.7% and sharia-compliant Dubai Islamic Bank declining 1.1%. Data on Wednesday showed the U.S. consumer price index increased more than expected in January, reinforcing the Federal Reserve's message that it was in no rush to resume interest rate cuts. Producer Price Index (PPI) data is due at 1330 GMT. Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the dollar. The Qatari index was down 0.2%, with the Gulf's biggest lender Qatar National Bank dropping 0.5%.
Argaam
28-01-2025
- Business
- Argaam
Saudi Arabia, Italy sign 26 MoUs in diverse fields
Prime Minister of the Italian Republic Giorgia Meloni and Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih convened a high-level roundtable meeting in AlUla Governorate. The meeting witnessed the signing of 26 memorandums of understanding (MoUs) in several fields, including construction, renewable energy, cultural exchange, and digital technologies. These agreements underscore the burgeoning partnership between the Kingdom of Saudi Arabia and the Republic of Italy, as reported by the Saudi Press Agency (SPA). The meeting addressed A range of topics of common interest in key field of cooperation, including green energy, the automotive sector, infrastructure, tourism, agricultural products, and Italian companies benefiting from Saudi domestic investments, in addition to discussing many opportunities to implement joint projects in areas such as solar energy, wind energy, sustainable tourism initiatives, and advanced construction technologies. It recognized the potential of Italian expertise in heritage tourism to drive the development of skills and sustainable tourism projects in Saudi Arabia. This collaboration is expected to create significant opportunities for the private sector and stimulate job growth.
