Abu Dhabi-based investment group Yas Holding has bought Al Ittihad Drug Store (IDS), a major pharmaceutical distributor in the UAE, to strengthen its healthcare portfolio.
The company completed the deal through its subsidiary GlobalOne Healthcare Holding (GHH), Yas Holding said in a statement on Tuesday. However, it did not disclose the total value of the deal.
“IDS provides a robust platform that complements our strengths in the pharmaceutical sector,” said Murshed Al Redaini, group chief executive of Yas Holding, adding that the investment is in line with the company's focus to establish a "well-entrenched healthcare business”.
Set up in 1968, IDS partners with multinational companies in the UAE to supply different products for the treatment of asthma, hypertension, diabetes and cardiovascular diseases, among others, according to the statement.
“This acquisition aligns with our overall strategy, since we view the business as an attractive opportunity offering substantial synergies,” Ashraf Radwan, chief executive of GHH, said.
GHH completed three acquisitions last year. These included Gulf Inject, a local manufacturer of intravenous fluids, Geltec Healthcare, which makes dietary supplements in soft gel or tablet form, and WellPharma Medical Solutions.
“Our ability to penetrate all consumer channels is a critical component of our healthcare value chain," Suresh Vaidhyanathan, group chief financial offer of Yas Holding, said. "IDS significantly enhances this capability along with a strong product portfolio that complements our growing ecosystem in health care.”
Investments in the healthcare sector have been growing amid the pandemic. Earlier this month, Abu Dhabi holding company ADQ merged its health care subsidiaries with Alpha Dhabi’s Pure Health Medical Supplies to create the UAE’s largest healthcare provider.
Other major deals in the healthcare sector in 2021 include International Holding Company's agreement to buy a 40 per cent stake in Response Plus Medical Services, a unit of VPS Healthcare.
Dubai-listed investment company Amanat Holdings acquired Cambridge Medical and Rehabilitation Centre for $232 million in one of the region's biggest healthcare deals in March.
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,600m
Winner: Celtic Prince, David Liska (jockey), Rashed Bouresly (trainer).
7.05pm: Conditions Dh240,000 (D) 1,600m
Winner: Commanding, Richard Mullen, Satish Seemar.
7.40pm: Handicap Dh190,000 (D) 2,000m
Winner: Grand Argentier, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh170,000 (D) 2,200m
Winner: Arch Gold, Sam Hitchcott, Doug Watson.
8.50pm: The Entisar Listed Dh265,000 (D) 2,000m
Winner: Military Law, Antonio Fresu, Musabah Al Muhairi.
9.25pm: The Garhoud Sprint Listed Dh265,000 (D) 1,200m
Winner: Ibn Malik, Dane O’Neill, Musabah Al Muhairi.
10pm: Handicap Dh185,000 (D) 1,400m
Winner: Midnight Sands, Pat Dobbs, Doug Watson.
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
