RIYADH: Ƶ’s Public Investment Fund announced on Thursday the establishment of the Badael Company which aims to 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 Ƶ’s focus on improving the quality of life for its citizens as part of Saudi Vision 2030.
“The Company’s products are expected to help nearly one million people switch from smoking by 2032, representing approximately 25% of all smokers in Ƶ,” the statement said.
“This 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’s localization mandate by supporting domestic manufacturing, sourcing raw materials, knowledge transfer and development of intellectual property (IP),” it added.
PIF said the firm intends to release its tobacco-free nicotine delivery products across Ƶ by the end of 2023, with the aim of expanding its reach to regional and international markets in the longer term.
The company’s products will be manufactured in Ƶ, ensuring the highest level of product quality and safety through best-in-class practices, it added.
“Badael aims to provide new economic opportunities and create jobs, working in partnership with the local private sector and world-class global partners,” the statement read.
“Badael’s vision is to curb smoking and deliver on PIF’s strategy to improve the quality of life for all, and is part of Ƶ’s broader efforts to diversify the economy, localize manufacturing and drive economic transformation as well as job creation.”
