ProMedEx sets up JV to build SAR 35M medical plant

Logo of Professional Medical Expertise Co. (ProMedEx)

Professional Medical Expertise Co. (ProMedEx) entered into a joint venture (JV) agreement with Beijing Synapsor Artificial Intelligence Co. Ltd. to establish a limited liability company in Saudi Arabia under the name PMX Syai Arabia, or any other name approved by the relevant authorities. The JV was incorporated and registered in the commercial register on July 13, 2026.

In a statement to Tadawul, the company said the JV will establish a manufacturing facility for disposable medical products and consumables. Operations will commence after obtaining the required regulatory licenses and approvals, in addition to signing further agreements with several parties to implement the project.

ProMedEx said the JV’s capital stands at SAR 1 million, with the company holding an 80% stake, equivalent to SAR 800,000, while its partner owns the remaining 20%, equivalent to SAR 200,000.

The project's total estimated cost is SAR 35 million, to be invested in phases in line with the approved business plan, implementation timetable, and the project's actual funding requirements, the statement added.

The company’s share will be financed through available funding sources in accordance with the approved plan. Besides, signing the agreement does not create any immediate obligation to fund the project's full estimated cost, the statement explained, adding that any material developments will be disclosed in due course.

ProMedEx expects construction to begin on Aug. 23, 2026, following the approval of engineering designs and receipt of the required regulatory approvals. Construction is expected to be completed by May 2027, with trial production scheduled to begin in June 2027 for approximately two months, followed by commercial production in September 2027.

The Saudi-listed firm indicated that the signing of the agreement and establishment of the JV will have no immediate material impact on its financial statements.

It expects the project's relevant impact to begin by the end of 2027. The company also confirmed that the project remains subject to obtaining the necessary regulatory approvals and that there are no related parties to the agreement.