BY SEBUGWAAWO ISMAIL
12 December 2007

RAS AL KHAIMAH — Ras Al Khaimah- based Gulf Pharmaceutical Industries (Julphar) will invest Dh1.23 billion within the next three years for setting up new factories and to expand overseas as part of the company's ambitious expansion programme.

Julphar,  UAE's biggest pharmaceutical firm, will set up seven new manufacturing plants in Ras Al Khaimah to boost production and will also venture abroad to open manufacturing facilities in seven foreign countries, Abdul Razzaq Yousef, Chief Executive Officer of Julphar, said at a Press conference here yesterday.

He revealed that the company was also planning to open a chain of retail pharmacy outlets across the MENA region. "We will invest around Dh360 million to open a chain of pharmacies and distribution networks across the MENA region in the next three years," Abdul Razzaq Yousef said and added that as many as 2000 pharmacies will be opened across the region.

Outlining the strategic plan for the company, Abdul Razzaq said, "Julphar is currently implementing a strategic plan which seeks to strengthen its pioneering and distinctive role in the regional pharmaceutical industry and to consolidate our position as a leading pharmaceutical manufacturer worldwide". He said that the aim was to increase company's sales from the current Dh700 million to Dh2.25 billion by 2010

Abdul Razzaq said that the seven new factories to be set up in RAK would entail a total investment of Dh800 million.