Construction work on the SR1 billion ($266.5 million) neopharma drug manufacturing plant in Jazan, Saudi Arabia will start in March, a top official said.

“The plot of land for the project has already been allotted and the licensing procedures are progressing well,” B R Shetty, chief executive officer and managing director of New Medical Center Group of Companies and UAE Exchange, was quoted as saying by Saudi Gazette.

Shetty explained that Saudi Arabia would be his next major destination for investments. He was in Jazan to attend a major economic forum, the report said.

“After listening to the speech of Jazan Emir Prince Mohammed bin Nasser at the forum, I was totally convinced that I have come to the right place,” he said.

“When I landed in Abu Dhabi, and started making investments, I had the same feeling. I have ambitious plans to tap the potential of this great nation by making investments first in Jazan, then in Jeddah and Riyadh.”

The neopharma plant in Jazan would concentrate on manufacturing medicine for cancer and dengue fever in addition to some chronic diseases, he said, stressing that his company’s focus will be making available halal medicine in the Saudi local market.

Shetty also revealed plans to build a SR1 billion 250-bed hospital in Jazan, with plans to expand it to add additional 250 beds in due course.

He is also considering the prospect of establishing a university in Jazan as well as plans to establish health tourism project and resort in Farasan Island.

He unveiled plans to open 150 branches of the UAE Exchange, a global remittance and foreign exchange services provider, in Saudi Arabia in the near future.

“We are awaiting the government’s permission to open the exchange soon. Our service charge for money remittance will be the cheapest,” he said.

“We will give two master cards – one to the worker and another to his wife or dependent as a complimentary one. The salary will be received in the account of the worker on time even if it is delayed by the employer,” he added.