Abu Dhabi-listed Gulf Pharmaceutical Industries (Julphar) plans to invest 300 million Saudi riyals ($79.9 million) over the coming years to build a pharma and biotech manufacturing facility in Saudi Arabia.

The green field project includes complex biologics, sterile and general formulation drug manufacturing and will follow the highest quality standards, the company said in a statement to the Abu Dhabi stock exchange on Tuesday.

 The project execution is planned to be initiated in the first quarter of 2025 with Julphar introducing a range of complex biologics and other medications after the facility's completion.

(Writing by P Deol; Editing by Anoop Menon) 

(anoop.menon@lseg.com)

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