Usufruct agreement inked for $365m Salalah pharma and biotech complex

Usufruct agreement inked for $365m Salalah pharma and biotech complex
A pharma and biotech complex will be developed within Oman's Salalah Free Zone [representational image].
Published: 9 January 2018 - 12:32 a.m.
By: Neha Bhatia

A usufruct agreement has been signed to develop a pharmaceuticals and biotechnology complex in Oman's Salalah Free Zone (SFZ). 

SFZ and Flex Pharmaceuticals will establish the $365m (OMR140.4m) facility that will, upon operational commencement, produce more than 100 compound drugs. 

Creams, syrup medication, and tablets will also be developed at the plant, which will additionally feature a department for antibiotic packaging. 

The project's three-phased development will begin in 2018, and complete in 2021, over a 11ha plot of land in Adhan. 

A research and development centre, a training centre, and laboratories will be developed within the project, which is expected to generate 300 job opportunities for Omani nationals. 

The project's agreement was signed by Ali bin Mohammed Tabuk, deputy chief executive officer for commercial affairs at SFZ, and Eng Jassim al- Misnad, chairman of Flex Pharmaceuticals.

Al-Misnad said the factory's construction works would "start in the coming months". 

Meanwhile, SFZ's Tabuk revealed that the pharma industry attracts investments to SFZ that contribute to the development programmes in the sultanate, Oman's state news agency, ONA, reported.

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