RIYADH: The Public Investment Fund (PIF) has established a new firm to lower the number of smokers in Saudi Arabia.
By the end of 2023, the Badael firm will have nicotine delivery products available throughout Saudi Arabia. It plans to increase its market penetration into regional and global markets long-term.
The company’s products are expected to help around one million people switch from smoking by 2032, representing almost 25% of all smokers in the country. As a result, by 2032, there might be a direct reduction in healthcare spending of more than SR6 billion.
PIF announced on Thursday, in accordance with World No Tobacco Day, which is marked on May 31. The launch of Badael Company (Badael) aims to develop, manufacture and distribute innovative products that promote healthier lifestyles and reduce smoking prevalence by providing less harmful and tobacco-free alternatives.
Saudi Arabia aims to raise the standard of living for its people, and this new program aligns with that goal. Badael strives to address the detrimental effects of smoking on the population of Saudi Arabia.
Additionally, it will promote domestic production, raw material procurement, knowledge transfer, and intellectual property (IP) growth to fulfill the PIF’s localization mandate.
The company’s products will be produced in Saudi Arabia, guaranteeing the highest product safety and quality through best-in-class techniques. Consequently, Badael aims to create jobs and provide new economic opportunities, collaborating with the local private business sector and top-tier international partners.
