Wednesday 21 October 2020

$253m medical factories under construction in Abu Dhabi

ABU DHABI, 29 days ago

Abu Dhabi Department of Economic Development (ADDED) has announced that work is currently under way on 10 major industrial projects - linked to pharmaceutical and medical industries - being developed in the emirate at an investment of AED932 million ($253 million) to help achieve self-sufficiency in the emirate’s health sector.
ADDED said the government had identified 23 industrial areas for setting up factories. The total number of licences issued for medical manufacturing in the emirate reached 23 with an investment value of AED1.992 billion ($542 million).
Among these investment areas, 14 belong to new industries in the market while the other nine are already existing ones, it added.
The identification of investment areas is part of the ‘Basic Industries’ project being implemented by ADDED’s Industrial Development Bureau in collaboration with Abu Dhabi Investment Office (ADIO), the Department of Health – Abu Dhabi, and the Abu Dhabi Health Services Company (Seha).
Chairman Mohammed Ali Al Shorafa said that the ‘Basic Industries’ project seeks to create new investment opportunities and promote self-sufficiency in the food, health, industry and energy sectors.
Of the 23 areas identified for investment in the health sector, nine belong to pharmaceuticals, six related to existing areas while the rest are newly emerging, stated the top ADDED official.
According to him, the ‘Basic Industries’ project is important in achieving self-sufficiency in the health sector of Abu Dhabi and the UAE.
"Moreover, it will play a key role in creating new areas for investment as well as in enhancing many of the already existing basic industries in Abu Dhabi," stated Al Shorafa.
Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, said  while 10 projects are under construction, 13 projects have reached ‘Production’ status with an investment value of AED1.069 billion.
Factories that have licenses with ‘Production’ status are identified as five for the production of medical protection supplies with AED268 million as investment value; four specialized in pharmaceutical production with an investment value of AED467 million; and four factories for the production of medical devices and equipment with an investment value of AED334 million, he noted.
ADIO Director General Dr Tariq Bin Hendi said these new investment areas represent a wealth of new possibilities for investors and manufacturers looking to set up base in Abu Dhabi. 
"In particular, the thriving healthcare sector offers sizeable commercial opportunities for investors, and ADIO is here to help these companies," added Bin Hendi.-TradeArabia News Service


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