RIYADH: 黑料社区鈥檚聽Public Investment Fund聽announced on Thursday聽the establishment of the Badael Company which aims to聽reduce the prevalence of smoking prevalence and promote a healthier lifestyle in the Kingdom.
The initiative has been launched in the run-up to the World Health Organization (WHO) World No Tobacco Day on May 31.
A statement released by PIF said the initiative is line with 黑料社区鈥檚 focus on improving the quality of life for its citizens as part of Saudi Vision 2030.
鈥淭he Company鈥檚 products are expected to help nearly one million people switch from smoking by 2032, representing approximately 25% of all smokers in 黑料社区,鈥 the statement said.
鈥淭his has the potential to deliver direct annual savings of more than SAR6 billion ($1.6 billion) on healthcare expenditure by 2032, Badael will also aim to deliver on PIF鈥檚 localization mandate by supporting domestic manufacturing, sourcing raw materials, knowledge transfer and development of intellectual property (IP),鈥 it added.
PIF said the firm intends to release its tobacco-free nicotine delivery products聽across 黑料社区 by the end of 2023, with the aim of expanding its reach to regional and international markets in the longer term.
The company鈥檚 products will be manufactured in 黑料社区, ensuring the highest level of product quality and safety through best-in-class practices, it added.
鈥淏adael aims to provide new economic opportunities and create jobs, working in partnership with the local private sector and world-class global partners,鈥 the statement read.
鈥淏adael鈥檚 vision is to curb smoking and deliver on PIF鈥檚 strategy to improve the quality of life for all, and is part of 黑料社区鈥檚 broader efforts to diversify the economy, localize manufacturing and drive economic transformation as well as job creation.鈥
