Riyadh – Sharikat Mubasher: Saudi-based Professional Medical Expertise Company (Promedex) announced signing a joint venture agreement with China's Beijing Synapsor Artificial Intelligence, a medical technology and artificial intelligence company, to establish PMX Syai Arabia, a new company that will manufacture single-use medical products in the Kingdom.

Under the agreement, Promedex will hold an 80% stake in the joint venture, while Beijing Synapsor will own the remaining 20%. The company will have a registered capital of SAR1 million ($266,000), according to the company’s disclosure on Tadawul.

The partners plan to invest SAR35 million ($9.3 million) in phases to build a specialized manufacturing facility for disposable medical supplies. Construction is expected to begin on August 23, 2026, subject to regulatory approvals, with completion scheduled for May 2027. Trial production is expected to start in June 2027, followed by commercial operations in August.

Promedex said the project supports Saudi Arabia's efforts to localize medical manufacturing and reduce reliance on imports in line with Vision 2030. The company added that the venture is not expected to have an immediate financial impact, with returns anticipated to begin contributing gradually from the end of the 2027 fiscal year.