Karachi: Citi Pharma Ltd. (CPHL) has announced a strategic joint venture with the All Care Group of Investment to establish a state-of-the-art API (Active Pharmaceutical Ingredient) and formulation facility in Saudi Arabia.

According to AKD Securities Limited, the collaboration leverages CPHL’s extensive technical expertise in API production and formulation technology that adheres to international Good Manufacturing Practices (GMP). The All Care Group of Investment will handle land acquisition, infrastructure development, product registration with Saudi regulatory authorities, and the arrangement of financing through local banking institutions.

This joint venture aims to serve the Saudi market and plans to expand its reach to export markets in the MENA region, South Africa, and other areas. Additionally, the venture is set to facilitate the local production of crucial chemical products such as Naphtha cracker chemicals, phenol, and benzene, which are currently imported. The establishment of this facility is expected to reduce production costs and potentially allow for global exports of these materials.