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The UAE has announced the signing of industrial agreements worth AED 260 million ($70.79 million) between major pharmaceutical and medical companies to manufacture medical equipment locally.
Under the partnership, PureHealth, one of the UAE’s largest healthcare providers, will work with Abu Dhabi Medical Devices Company, Abu Dhabi Ports Group and Abu Dhabi Polymers, commonly known as Borouge, to build a $110 million facility in the UAE. Dirham’s line of medical supplies. Abu Dhabi, Ministry of Industry and Advanced Technology said Friday.
Borouge will provide the raw materials, while Abu Dhabi Ports Group will provide industrial sites at ICAD 1 for the production of medical syringes, drug delivery devices and blood collection tubes.
In a separate agreement, PureHealth and Ras Al Khaimah’s Gulf Pharmaceutical Industries (commonly known as Julphar) will build the first plant in the Middle East to manufacture Glaargine, the first long-acting biological alternative to insulin for the treatment of diabetes.
The AED150 million manufacturing unit will be built in Ras Al Khaimah, which will allow the UAE to access insulin replacements at more competitive prices.
It will also support exports to regional and global markets where demand for insulin substitutes is growing, the ministry said.
“These partnerships are in line with our leadership’s directive to strengthen and stimulate industries, increase investment and support the UAE’s position as a global industrial hub,” said Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology.
“These partnerships are in line with our strategic objectives and reflect the Ministry’s important role in the UAE Forum, which has identified more than 300 products that can be produced locally in priority industries such as pharmaceuticals and medical devices.”
UAE Manufacturing Forum Hosted by the Ministry of Industry and Advanced Technology in May.
It highlights industrial investment opportunities and identifies products that can be produced locally, including the pharmaceutical and medical supplies industries.
“These partnerships will play an important role in promoting economic development through the national ICV [In-Country Value] plan,” said Dr Al Jaber.
“The ICV scheme is one of the ministry’s 50 projects to support economic growth.
“It improves supply chain resilience and encourages companies to produce quality products in the UAE that can be exported globally.”
He also called on investors and industrialists from all over the world to seize the investment opportunities offered by the UAE’s industrial growth and investment climate and take advantage of the “Make it in the Emirates” campaign.
These include competitive financing opportunities, business incubators, feasibility studies, strategic locations, world-class logistics infrastructure, the UAE’s global credibility, legislation to protect investors’ rights and easy access to global markets.
Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, said that “these agreements will strengthen local supply chains and help increase self-sufficiency in medicines and healthcare products”.
“The MoU also reflects the efforts of major national companies and agencies to integrate and collaborate while increasing citizens’ access to quality jobs,” she said.
UAE launches its industrial strategy “Operation 300 billion” Last year, it sought to position it as a global industrial hub by 2031.
The ten-year comprehensive roadmap focuses on increasing the industrial sector’s contribution to the country’s GDP from AED133 billion in 2021 to AED300 billion by 2031.
The strategy focuses on boosting production in 11 priority sectors, supporting the growth of national industries, attracting foreign investment, modernizing legislation and ensuring dedicated financing for local industrial companies.
Borouge CEO Hazeem Al Suwaidi said: “We will provide our partners with locally manufactured polyolefins designed for the healthcare industry and improving people’s lives”.
Updated: October 21, 2022 at 12:35 pm
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