Abu Dhabi Investment House (ADIH) has successfully closed its first healthcare initiative, Wellpharma Solutions Fund, for developing an intravenous solutions production 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.

It 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.

'We are pleased with the successful start of this project,' said ADIH managing director Rashad Janahi.

'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 European technology, a patient and environment friendly packaging format and a wide range of product portfolio customised to the requirements of the region,' he added.

'Launching this healthcare initiative is part of our strategy to offer diversified products within real economy sectors,' he said.

'The GCC region is expected to face an unparalleled, unprecedented and consistent rise in demand for healthcare over the coming years,' he added.

'It is estimated that total healthcare spending in the region will reach $60 billion in 2025, up from $18 billion in 2008.

'No other region in the world is expected to witness such rapid growth in demand with simultaneous need to realign its healthcare systems to cater for such growth,' he said.-TradeArabia News Service