Latest news with #KhalidbinAbdulazizAlFalih
Zawya
24-07-2025
- Business
- Zawya
Saudi business delegation arrives in Syria; deals worth $4bln to $6bln seen being signed
RIYADH: Saudi Arabia's investment minister led a business delegation travelling to Syria on Wednesday, where they were expected to sign deals worth $4 billion to $6 billion as part of Riyadh's efforts to support the country's post-war recovery. The Gulf kingdom has been a crucial supporter of interim President Ahmed al-Sharaa's government, which came to power after toppling longtime ruler Bashar al-Assad in December and is now seeking to rebuild Syria after a 14-year civil war. Saudi Investment Minister Khalid bin Abdulaziz Al-Falih, who brought around 130 Saudi businesspeople to Damascus, is set to hold meetings with Syria's leadership ahead of a two-day investment conference opening on Wednesday, according to people due to attend. Syrian Information Minister Hamza al-Moustafa said at a press conference on Wednesday that Syria will sign 44 agreements with Saudi Arabia estimated to be worth nearly $6 billion. The agreements cover various sectors, including energy, telecommunications, financial and banking, investment funds and others, the minister said. Some of the agreements will be signed between the government and private companies, he said. Saudi state-run Al Ekhbariya television reported on Tuesday that the agreements to be signed between Damascus and Riyadh would be worth over $4 billion. During his visit to Syria, Saudi Arabia's Al-Falih and his Syrian counterpart launched a cement factory project on Wednesday in Adra Industrial City in the Damascus countryside, the first white cement production project in the country, with an investment worth $20 million, Syrian state news agency SANA said. Al-Falih also broke ground on an integrated retail project by Saudi investment firm Ethraa Holding that is worth 375 million riyals ($99.96 million) in investments. Saudi Arabia has shown interest in Syria's energy and hospitality sectors, as well as airports, a diplomat and a Syrian businessman familiar with the matter told Reuters. The two countries are also expected to launch a joint business council, said the Syrian businessman. The investment conference had initially been scheduled to take place in June, but was delayed due to the war between Iran and Israel. It is going ahead this week despite sectarian clashes in Syria's southern city of Sweida that have left hundreds dead. The violence is a reminder of the lingering instability in Syria, even as foreign investors explore opportunities. Companies, many from Gulf states and Turkey, have expressed interest in rebuilding Syria's power generation capacity, roads, ports and other damaged infrastructure. Syria has signed a $7 billion power deal with Qatar and an $800 million agreement with UAE-based port company DP World in recent months. U.S. energy firms are also set to draw up a master plan for the country's energy sector. For its part, Saudi Arabia, along with Qatar, paid off Syria's World Bank arrears, opening the possibility of new lending. Syria's al-Sharaa made his first trip abroad as president, to Saudi Arabia in February. And the kingdom's Crown Prince and de-facto ruler Mohammed Bin Salman successfully lobbied U.S. President Donald Trump to lift sanctions seen as holding back private investment. ($1 = 3.7516 riyals) (Reporting by Timour Azhari in Beirut; Additional reporting by Yomna Ehab and Menna Alaa El-Din in Cairo; Writing by Pesha Magid; Editing by Joe Bavier and Leslie Adler)
Zawya
23-07-2025
- Business
- Zawya
Saudi business delegation arrives in Syria eyeing $4bln in deals
Saudi Arabia's investment minister led a business delegation travelling to Syria on Wednesday, where they were expected to sign deals worth around $4 billion as part of Riyadh's efforts to support the country's post-war recovery. The Gulf kingdom has been a crucial supporter of interim President Ahmed al-Sharaa's government, which came to power after toppling longtime ruler Bashar al-Assad in December and is now seeking to rebuild Syria after a 14-year civil war. Saudi investment minister Khalid bin Abdulaziz Al-Falih, who brought around 130 Saudi businesspeople to Damascus, is set to hold meetings with Syria's leadership ahead of a two-day investment conference opening on Wednesday, according to people due to attend. Saudi Arabia has shown interest in Syria's energy and hospitality sectors, as well as airports, a diplomat and a Syrian businessman familiar with the matter told Reuters. The two countries are also expected to launch a joint business council, said the Syrian businessman. The investment conference was initially scheduled to take place in June but was delayed due to the war between Iran and Israel. It is going ahead this week despite sectarian clashes in Syria's southern city of Sweida that have left hundreds dead. The violence is a reminder of the lingering instability in Syria, even as foreign investors explore opportunities there. Companies, many from Gulf states and Turkey, have expressed interest in rebuilding Syria's power generation capacity, roads, ports and other damaged infrastructure. Syria has signed a $7 billion power deal with Qatar and a $800 million agreement with UAE-based port company DP World in recent months, while U.S. energy firms are also set to draw up a master plan for the country's energy sector. For its part, Saudi Arabia, along with Qatar, paid off Syria's World Bank arrears, opening the possibility of new lending. Syria's al-Sharaa made his first trip abroad as president to Saudi Arabia in February. And the kingdom's Crown Prince and de-facto ruler Mohammed Bin Salman successfully lobbied U.S. President Donald Trump to lift sanctions seen as holding back private investment.
Zawya
28-04-2025
- Business
- Zawya
Novo Nordisk in deal to produce weight loss drug in Saudi
Novo Nordisk, a leading global healthcare company, has announced the signing of a MoU with Lifera, a biopharmaceutical company owned by the Saudi sovereign wealth fund PIF (Public Investment Fund), to pursue the localisation of the manufacturing of semaglutide GLP-1 treatments in Saudi Arabia. The MoU marks a significant step in strengthening the kingdom's healthcare sector and pharmaceutical manufacturing capabilities. The Semaglutide GLP-1 treatments are the global market-leading therapeutics for weight management. The agreement was sealed at a key ceremony held in the presence of Minister of Investment Eng. Khalid bin Abdulaziz Al Falih and several officials, along with representatives from Novo Nordisk and Lifera. Under this deal, 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 MoU is testament to our long-term commitment to people living with chronic disease in Saudi Arabia," remarked Mike Doustdar, Executive Vice President, International Operations at Novo Nordisk. "By localising 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," he stated. 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, he added. Melvin D'Souza, General Manager at Novo Nordisk Saudi Arabia, said with this deal it aims 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. "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," noted Melvin. "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," he noted. "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," he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
27-04-2025
- Business
- Trade Arabia
Novo Nordisk in deal to produce weight loss drug in KSA
Novo Nordisk, a leading global healthcare company, has announced the signing of a MoU with Lifera, a biopharmaceutical company owned by the Saudi sovereign wealth fund PIF (Public Investment Fund), to pursue the localisation of the manufacturing of semaglutide GLP-1 treatments in Saudi Arabia. The MoU marks a significant step in strengthening the kingdom's healthcare sector and pharmaceutical manufacturing capabilities. The Semaglutide GLP-1 treatments are the global market-leading therapeutics for weight management. The agreement was sealed at a key ceremony held in the presence of Minister of Investment Eng. Khalid bin Abdulaziz Al Falih and several officials, along with representatives from Novo Nordisk and Lifera. Under this deal, 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 MoU is testament to our long-term commitment to people living with chronic disease in Saudi Arabia," remarked Mike Doustdar, Executive Vice President, International Operations at Novo Nordisk. "By localising 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," he stated. 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, he added. Melvin D'Souza, General Manager at Novo Nordisk Saudi Arabia, said with this deal it aims 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. "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," noted Melvin. "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," he noted.
