Gulf Pharmaceutical Industries, the drug maker known as Julphar, acquired 100 per cent of Dubai based pharmaceuticals distribution company Planet Pharmacies as it aims to grow its business in the region.
Julphar, which previously held a 40 per cent stake in Planet Pharmacies, bought the remaining 60 per cent stake from Kamco Invest to complete the deal, it said in a statement on Tuesday.
“The strong network of Planet Pharmacies, which includes 235 pharmacy stores and two extensive distribution hubs, provides a unique platform for Julphar to secure new business expansion opportunities and gives a competitive advantage to the group within the regional healthcare sector to increase its overall market share, especially within the GCC,” Julphar said.
Planet Pharmacies is active in the UAE, Saudi Arabia and Oman with its strong pharmaceuticals distribution network.
“By fully acquiring Planet Pharmacies, we will create [an] end-to-end pharma value chain from production, manufacturing, distribution, and retail,” Essam Farouk, chief executive of Julphar, said. “This translates into competitive pricing and the efficient delivery of our quality products … and will also allow us to accelerate the growth of our business in the region.”
Julphar is a manufacturer of largely generic drugs which also makes insulin for diabetics and a range of personal care products. The company employs more than 2,400 people and distributes pharmaceutical products to more than 50 countries across the globe.
Listed on Abu Dhabi Securities Exchange, Julphar reported lower losses last year as revenue rose on the back of successful marketing strategies in neighbouring countries including Saudi Arabia, Oman, Bahrain and Kuwait.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
