Dubai Investments has announced the acquisition of an additional 66 percent stake in Globalpharma.
Following the acquisition, made through Dubai Investments Industries, the pharmaceuticals company will now be a wholly owned subsidiary of Dubai Investments.
In 2014, Dubai Investments divested a 66 percent stake and had continued to hold a minority 34 percent equity in the subsidiary.
Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Our original investment in Globalpharma was well timed and good for the growth of the healthcare sector in the UAE and region.
"We see the strategic benefit for making this acquisition. It forms part of the Dubai Investments growth strategy, and underscores our commitment to creating more value for our shareholders.
“Our healthcare portfolio includes different stakes in KCH Healthcare, Clemenceau Medical Centre, tie ups with hospital operators such as NMC in Dubai Investments Park and Mirdif Hills. These investments not only achieve key business objectives for Dubai Investments and support the Dubai economy, they also contribute to the wellbeing of the UAE, improve the reputation of Dubai as a hub for world-class medical care.”
Established in 1998 and headquartered in Dubai Investments Park, Globalpharma manufactures and markets pharmaceutical products in more than 14 countries across the GCC, Middle East and neighbouring markets.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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