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Business Retail

UAE pharmaceutical giant Julphar to take control of Planet Pharmacies

Planet Pharmacies was launched in 2007 by Kuwait's Global Investment House and Julphar



The Julphar operations in Ras Al Khaimah. The company's getting back into full health with a return to Saudi Arabia and other Gulf markets.
Image Credit: Supplied

Dubai: The UAE pharmaceuticals company Julphar will take full control of Planet Pharmacies, a move that will add to its bottom-line numbers from the third quarter itself. This will be done by Julphar, which is going through a major strategy and financial turnaround, picking up 60 per cent in Planet Pharmacies from Pharma SPV (special purpose vehicle).

The deal will likely close next month. Planet Pharmacies is a joint venture between Kuwait's Global Investment House and Julphar (otherwise known as Gulf Pharmaceutical Industries). It currently has operations in the UAE, Saudi Arabia and Oman.

It is a freshly re-energised Julphar that is making the move these days. In the recent past, it signed off on a turnaround plan, get a new CEO, managed to make a return to supplying the Saudi market with its products, as well other Gulf territories. The numbers too are looking in far better health, going the fourth quarter showing.

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