JEDDAH - UAEís Gulf Pharmaceutical Industries (Julphar) has entered into a joint venture with Cigalah Group to set up a SR 300 million pharmaceutical factory in Jeddah to produce and distribute pharmaceutical products in Saudi Arabia and the Middle East.
The agreement between the two companies was signed here on Saturday in the presence of Faisal bin Saqr Al Qasimi, chairman of Ras Al Khaimah Free Trade Zone and chairman of Julphar. Dr. Ayman Sahli, CEO of Julphar and Yaser Naghi chairman of Cigalah Group signed the agreement.
The factory to be set up in the King Abdullah Economic City (KAEC) plans to produce branded generic products. The factory construction will start in January 2012 and end December 2013, according to an official statement.
Sheikh Faisal Bin Saqr Al Qasimi expressed happiness over the agreement stating that it will open wider horizons for Julphar to develop its services in pharmaceutical production.
He described the agreement as the first joint investment between UAE and KSA in the field of pharmaceuticals.
The company will be using local experience with researchers and pharmacists to produce and distribute the products of the company in the Kingdom.
‘With the agreement with Julphar, Cigalah Group will reinforce its goal to make quality products available with affordable prices in the Kingdom,’ Naghi said. He added that once the new plant is set up, ‘we will broaden our product range’.
Julphar, a public shareholding company based in the Emirate of Ras Al Khaimah, UAE was established in the year 1980 under the guidance of UAE Supreme Council Member and the Ruler of Ras Al Khaimah HH Shaikh Saqr Bin Mohammed Al Qasimi. Being the first pharmaceutical manufacturing company set-up in Arab Gulf States, Julphar continues to be a leading pharmaceutical producer in the region.
Cigalah is a major distributor and sole agent for many multinational pharmaceutical, herbal, health care, and cosmetic companies in Saudi Arabia and some other Gulf countries.