Oman’s Salalah Free Zone (SFZ) and US-based Flex Pharmaceuticals, a biotechnology company, recently signed an agreement to set up an international complex for pharmaceutical industries at a cost of $365 million, said a report.

The plant will produce more than 100 compound drugs. The complex is a strategic partnership between Abela International and Arab Group for Investment in SFZ, reported Times of Oman.

The agreement was signed by Ali bin Mohammed Tabuk, deputy CEO for commercial affairs at Salalah Free Zone (SFZ) and Jassim Al Misnad, chairman of Flex Pharmaceuticals, at the Doha Sheraton Hotel in Qatar.

Al Misnad said that investment aims to benefit from the promising opportunities in the pharmaceutical industries in the world.

He also noted that the establishment of this international pharmaceutical complex comes in a bid to benefit from the sultanate’s strategic location as a gateway to the Gulf region, its proximity to North African merging markets and the forecast growth in demand for vaccines in the Gulf and East Africa region.

The pharmaceutical complex will be supported by a research system, advanced labs and training centres.