Dubai: Abu Dhabi Investment House (ADIH) said, it has successfully closed its first health care initiative, Wellpharma I.V. Solutions fund, with the objective of financing the development of an intravenous (I.V.) solutions production and distribution facility within the Industrial City of Abu Dhabi.
"ADIH obtained all necessary official approvals and permits including those for the identified land where the project will be developed," the company said in a statement.
ADIH started initial designs of the facility with a long term vision, including plans to address other growing pharmaceutical products where a wide range of concentrated research is already in place. The project enjoyed a growing demand with an investor base from Europe and the GCC.
Rashad Y. Janahi, Managing Director of ADIH commented, "We are pleased with the successful start of this project. We believe this provides a unique investment opportunity given that the project will fill the supply gap of intravenous solutions in the GCC region as well as gain competitive advantage over the local manufacturers through: modern production facility equipped with an European technology, patient and environment friendly packaging format, and wide range of product portfolio customised to the requirements of the region."
The Sharia-compliant project was launched earlier this year based on extensive local and regional studies on gaps in supply and demand of I.V. solutions and taking advantage of the competitive prices of raw material and imports.
The GCC region is expected to face an unparalleled, unprecedented and consistent rise in demand for healthcare over the coming years.
It is estimated that total healthcare spending in the region will reach $60 billion in 2025, up from $18 billion in 2008.
ADIH also stated that it plans to launch diversified product offerings within other vital industries including food production, green building and financial services.
