South African tycoon Stephen Saad’s Aspen opens regional headquarters in Saudi Arabia

Key Points

• Aspen Pharmacare opens Saudi HQ to accelerate growth in the Middle East’s booming healthcare and pharmaceutical markets under Saudi Vision 2030. 
• Stephen Saad expands Aspen’s global footprint, leveraging strong regional supply chains and rising demand for specialty drugs in the Gulf. 
• Aspen posts $1.2 billion revenue, gains PIC backing with $67 million stake boost, signaling investor confidence despite global pharma headwinds.

Aspen Pharmacare, Africa’s largest pharmaceutical company, led by South African pharma tycoon Stephen Saad, has launched its new regional headquarters in Riyadh, Saudi Arabia, as it accelerates expansion across the Middle East’s fast-growing healthcare market. 

The move aligns with the Kingdom’s Vision 2030 strategy to boost local healthcare capabilities and attract global pharmaceutical players. Aspen’s investment comes amid a broader push to localize manufacturing, enhance drug supply chains, and develop regional talent. 

“This is a pivotal step in Aspen’s international growth strategy,” said Daniel Vella Friggieri, Aspen’s Regional CEO for Europe and the Middle East. “The transformation of Saudi Arabia’s healthcare landscape presents a significant opportunity, and Aspen is well positioned to support the Kingdom’s evolving healthcare delivery goals.”

Strong foundation for regional scale-up

Aspen’s Riyadh HQ will serve as a strategic hub to deepen distribution networks and enhance partnerships across the Gulf. According to Wesam Nehad, General Manager of the new headquarters, Aspen is building on its established supply chain infrastructure and operational excellence across the region. 

The company manufactures and markets post-patent branded pharmaceuticals, including sterile injectables, oral solids, biologicals, and active pharmaceutical ingredients. Its portfolio spans hospital and consumer markets, and the Riyadh base is expected to fast-track localization and regulatory alignment in the GCC.

Financial resilience amid global challenges

Founded in 1997 and headquartered in Durban, South Africa, Aspen has grown into a global leader in specialty pharmaceuticals. CEO Stephen Saad, who owns a 12.8 percent stake in the company, has led Aspen since 1999. While Aspen recently navigated a $148.7 million contract dispute over mRNA technology, its fundamentals remain strong. 

In the first half of 2025, Aspen reported a 3.87 percent rise in revenue to R22 billion ($1.2 billion) and a 3.2 percent increase in net profit to R2.39 billion ($128 million), driven by robust sales in its core pharmaceutical segments. 

In a show of confidence, South Africa’s Public Investment Corporation (PIC) — the continent’s largest asset manager — raised its stake in Aspen from 18.6 percent to 20.16 percent, investing more than $67 million. The move solidifies PIC’s role as a key shareholder and underscores Aspen’s strategic importance in African and global healthcare markets.

With its new Riyadh HQ, Aspen is poised to capture a larger share of the fast-growing Saudi pharmaceutical market. Aspen’s strategic push in Saudi Arabia highlights its resolve to lead in specialty pharmaceuticals and align with global healthcare innovation trends.