Production is set to start this year at SPIMACO’s Pharma plant in Dammam, according to CEO Fahad Bin Ibrahim Al Khalaf.
The estimated cost of the plant reached around SAR 120 million, he told CNBC Arabia in an interview.
He also said that the Saudi pharmaceuticals firm dominates a 9 percent stake of the market, and is planning to boost its market share through the new expansions.
SPIMACO, which has subsidiaries in Morocco, Egypt and Ireland, is pursuing a five-year expansion strategy locally and overseas, Al Khalaf noted.
Dammam Pharma is 65 percent owned by SPIMACO and 20 percent owned by Arak Healthcare, SPIMACO’s wholly-owned marketing and distribution arm.
The Saudi company sells 15 percent of its products to the ministry of health, while 85 percent of its production goes to the private sector companies.
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