Riyadh – Sharikat Mubasher: Al Faisaliah Group (AFG), a privately-held holding company headquartered in Saudi Arabia, announced plans to cooperate with a Brazil-based Oncoclínicas to form a joint venture that will work on developing new oncological treatment.
The new venture’s shares will be distributed as 49% for Al Faisaliah Group, 51% owned by Oncoclínicas which aims to inject between $10 million to $20 million in the new venture within the coming 3 years, according to Bloomberg News Agency.
Revenues of the projects are expected to reach $550 million by the 5th year of establishment and profits are calculated to reach $150 million before taxes and interest.
Notably, Saudi Arabia and Brazil have entered multiple partnerships to boost public and private sector investment, focusing on a wide array of sectors aiming to deepen bilateral trade ties as well as enhance ways of cooperation between the two countries.