Sana'a - The UAE-based Gulf Pharmaceutical Industries (Julphar) plans to spend about $406 million for expansion projects in seven countries including Yemen over the next three years, the Saba-run al-Syasiah newspaper said on Saturday.
The expansion plans will be included establishing the manufacturing facilities in Yemen, Afghanistan, Sudan, Morocco, Lebanon, India and Iran during 2008-2010. Julphar will invest 15 percent of every joint project to be established with a local partner in every country.
The company unveiled last month that it plans to establish drug stores across the Middle East and North Africa in cooperation with the Global Investment House, which is the largest investment bank in Kuwait.
The Yemeni Economic Corporation (YECO) and Julphar company signed in November 2007 an agreement, under which the Julphar invests in expanding the medicine producing of the Yemen Drug Company for Industry and Commerce (YEDCO) through creating new producing lines and marketing the YEDCO's products into the African countries.
Julphar, based on the agreement, should also train the cadres of the YEDCO and the Ministry of Public Health and Population at the medicine factories and laboratories in the United Arab Emirates.
There are Seven drug factories in Yemen in the present time which cover only 4 percent of the total consumption of medicines in the local markets, while Yemen imports the needed 96 percent from over 300 international drug companies.
© IRNA 2008
