UAE | Government

Dh100m agreement between Kizad and City Pharamcy

Musataha agreement to help Pharmacy benefit from Abu Dhabi’s logistics cluster

  • By Shehab Al Makahleh, Staff Reporter
  • Published: 18:19 August 12, 2013
  • Gulf News

Abu Dhabi: The Khalifa Industrial Zone Abu Dhabi (Kizad), Abu Dhabi’s biggest infrastructure project and a 418 square kilometre industrial zone strategically located between Abu Dhabi and Dubai, on Monday signed a long-term ground development lease (Musataha) agreement with City Pharmacy which will set up in Kizad’s logistics cluster, Kizad said in a statement.

The agreement will witness City Pharmacy investing over Dh100 million in Kizad. A total of 46,072 square metres of land will be allocated over 50 years to City Pharmacy which aims to use Kizad’s strategic location, Kizad said.

The agreement will also provide City Pharmacy access to global markets and its integrated transportation network to distribute its products across the UAE and international markets, benefiting further from Kizad’s low cost of utilities.

Khaled Salmeen, CEO and Managing Director of Kizad, said that City Pharmacy is an integral tenant to Kizad’s logistic cluster.

“This will add diversity to the portfolio of the industrial zone’s customer base. Already a leader in the UAE’s Industry for the past 40 years, City Pharmacy will be able to, exponentially, grow its business on an international scale through Kizad’s outstanding access to global markets. Through such signings, Kizad is on its way to fulfilling its commitment of economic diversification and its contribution to Abu Dhabi’s economic vision,” said Salmeen.

For his part, Abdul Rahman Al Mahmeed, Chairman of City Pharmacy, expressed happiness for being the first medical foundation to come to Kizad.

Al Mahameed said: “The strategic agreement signed with Kizad will offer City Pharmacy stronger access to its existing clients and introduce it to many untapped international markets. By relocating to Kizad, an ideal business environment adjacent to the state of-the-art Khalifa Port, City Pharmacy will benefit from strategic advantages that will strengthen the nature of its business, leaving it to enjoy decades more of success.

Al Salmeen added that the advanced structure at Kizad provides customers with reliable and sustainable production and distribution facilities.

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