BY JOSE FRANCO

14 December 2007

DUBAI — Planet Pharmacies, a Dubai-based joint venture between Julphar and Global Investment House on a 40-60 shareholding, is set to become the largest retailer of health care products in the Middle East and North Africa (MENA) with an initial 65 outlets that will grow to 2,000 by 2010.

Abdul Razzaq Yousef, chairman of Planet and CEO of Julphar, a pioneer of pharmaceutical manufacturing industry in the Arab world, said the new company has a capital of Dh900 million, which will be increased to Dh3 billion over the next three years.   He stressed that the good chemistry between Julphar and Global, a regional private equity manager, will "revitalise" MENA's healthcare industry. He said that the UAE will have 65 Planet outlets by 2008 and 18 in Oman.   Omar El Quqa, vice-chairman of Planet and president of Global, said the new company will be a welcome addition to the region's vibrant retail industry. "Its goal is to have strong presence in the entire MENA region, bringing in the best medicine and leading brands to the end-users," he added. 

Yousef said that Planet's retail basket will be a mix of prescription and over-the-counter drugs, cosmetics and other health and hygiene products. He added that Planet outlets will advice customers on skin care, provide prescription filling services, 24-hour service, have tie-ups with health insurance companies and drive-through facilities.   Global's senior vice-president and head of private equity, said the pharmaceutical industry in the Gulf Cooperation Council bloc has grown over 10 per cent in 2004 from 1999, higher than the global growth of six per cent.

"Double-digit growth in this sector is expected to continue over the next 5-6 years, with fast growing population, increasing healthcare infrastructure investments and the growing number of health-conscious residents as key drivers," he said.