Saudi biotech strategy aims to dominate regional industry

Unsplash/National Cancer Institute

• Saudi biotech strategy launched
• Aims to be global leader
• ‘Next frontier of medicine’

Saudi Arabia has launched a National Biotechnology Strategy with the aim of becoming the region’s biotech leader by 2030 and a global leader by 2040, contributing 3 percent, or SAR130 billion ($35 billion), to non-oil GDP. 

The strategy was unveiled by Crown Prince Mohammed bin Salman with the aim of improving Saudi health standards, helping achieve food and water security, and creating local industries to replace imports, the Saudi Press Agency said this week. 

The plan will focus on making Saudi Arabia the regional market leader in genomics, vaccines, plant optimisation and biomanufacturing, creating 11,000 jobs by 2030. 

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Saudi Arabia has embarked on a massive economic development plan to diversify away from oil, centred on giga-projects that aim to attract tourists, create jobs for Saudis, and make the kingdom a hub for green industries. 

“Genomics is a disruptive field and the next frontier of medicine, and the kingdom aspires to become the leading genomics player in the Middle East and North Africa,” SPA said. 

“The kingdom recognises the importance of vaccines and is committed to developing innovative vaccine technologies. By localising vaccine manufacturing, the strategy aims to increase self-sufficiency and ensure timely access to vaccines for its citizens.”

The UAE, in contrast, is already home to 19 genomics startups, according to technology tracker Tracxn, engaged in industries ranging from chemical production to AI.

Saudi Arabia’s expansion plan, called Vision 2030, is set to continue after that date. The crown prince said in September Saudi Arabia would unveil Vision 2040 as early as 2027. 

The government said in December that some giga-projects could be slowed down to prevent supply bottlenecks and inflation. 

The World Bank said this month it expects Saudi GDP to grow by 4.1 percent in 2024 and 4.2 percent in 2025, rebounding from a 0.5 percent contraction in 2023 caused by Opec+ output cuts.