Pharma Deal Agreement Signed for Setting Up 365 Mn Dollar Salalah Pharmaceutical Complex
A business deal between Oman’s Salalah Free Zone and US-based Flex Pharmaceuticals has been established for the mega project. Once completed, the complex will produce more than 100 compound drugs and cover more than 20 International markets.
Doha/Qatar – Oman’s Salalah Free Zone (SFZ) signed an agreement with US-based Flex Pharmaceuticals to set up an international complex in Oman for the pharmaceutical industry at a cost of 365 million dollars. On completion, the complex will produce more than 100 compound drugs.
The agreement was signed by Ali bin Mohammed Tabuk, Deputy CEO for Commercial Affairs at SFZ and Eng. Jassim Al Misnad, Chairman of the pharma company. The investment in the region is owing to the good relations promising opportunities present in the pharmaceutical industry across the globe. The strategic location of the International pharmaceutical complex will prove beneficial as it acts as a gateway to the Gulf region, it’s also in close proximity to the North African emerging markets and it also forecasts growth in demand for vaccines in the Gulf and East Africa regions.
The pharmaceutical complex will be supported by a research system, advanced labs and training centres. The project will be set up in three phases starting 2018 and will be completed by 2021. It will cover more than 20 International markets.