Skip to main content

UAE announces deals worth $70.84mln to manufacture medical equipment

UAE announces deals worth $70.84mln to manufacture medical equipment

 The Ministry of Industry and Advanced Technology (MoIAT) today announced the signing of two memorandums of understanding (MoU) between significant pharmaceutical and medical device businesses in the United Arab Emirates, totaling AED260 million ($70.8 million).

The agreements, which were signed in the presence of Sarah bint Youssef Al Amiri, Minister of State for Public Education and Advanced Technology, are in line with the ICV Program and the National Strategy for Industry and Advanced Technology, both of which aim to draw manufacturers and investors to the UAE's pharmaceutical and medical equipment sectors, among others.

In accordance with the agreements, Abu Dhabi Medical Devices Company (ADMD), a division of Abu Dhabi National Industrial Projects, Abu Dhabi Ports Group, and Abu Dhabi Polymers Company (Borouge), as well as PureHealth, one of the largest healthcare organizations in the UAE and a participant in the ministry's National ICV Program, will collaborate to establish an AED 110 million medical supplies production line in Abu Dhabi. To produce medical needles, administration tools, and blood collection tubes, Borouge will provide raw materials, while Abu Dhabi Ports Group will give an industrial site in ICAD 1.

In accordance with a different memorandum of understanding, PureHealth and Gulf Pharmaceutical Industries Company (Julphar) will build the first manufacturing facility for Glargine, the first long-acting biological substitute for insulin, in the Middle East. The Ras Al Khaimah production facilities, which will cost AED 150 million, will make it possible for the UAE to buy an insulin alternative at a lower cost. Additionally, it will encourage exports to markets around the world particularly in regions where the need for insulin alternatives is growing.

Farhan Malik, CEO of PureHealth Group, Mounir Haddad, CEO of Abu Dhabi Medical Devices Company, Abdullah Humaid Al Hamelli, Head of Industrial Cities and Freezones, Abu Dhabi Ports, and Hazeem Sultan Al Suwaidi, CEO of Borouge, all signed the Memorandum of Understanding.

Sheikh Saqr bin Humaid Al Qasimi, Chairman of the Board of Directors of Julphar, attended the signing of the second Memorandum of Understanding between PureHealth and Julphar. The document was signed by Dr. Essam Mohamed, CEO of Julphar, and Mr. Malik.

Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, His Excellency Abdullah Al Shamsi, Assistant Undersecretary for the Industrial Development Sector at the Ministry of Industry and Advanced Technology, Sameh Al Qubaisi, Director General of Economic Affairs at the Abu Dhabi Department of Economic Development, and Dr. Amin Al Amiri, Assistant Undersecretary for the Health Regulation Sector at the Ministry of Health and Prevention, all attended both signings.


Labels:

Comments

Post a Comment

Popular posts from this blog

PM Modi Stresses Climate Finance and Technology at COP28 for Global South's Ambitions

 During the COP28 Presidency's session on Transforming Climate Finance, Prime Minister Narendra Modi emphasized the crucial role of climate finance and technology in realizing the aspirations of countries in the Global South, including India. Despite their limited contribution to climate change, these nations bear immense consequences, and PM Modi highlighted their unwavering commitment to climate action, despite resource constraints. Addressing the gathering, PM Modi stated, "We all know that countries in the Global South, including India, have played a lesser role in climate change. But the impact of climate change on them is immense. Despite a lack of resources, these countries are committed to climate action." He expressed the expectation of Global South nations for robust support from developed countries to combat climate change, considering the natural and justified need for assistance. PM Modi welcomed the decision to operationalize the Loss and Damage Fund, adopte
Post a Comment
Read more

Bangladesh Military Expresses Discontent Over Chinese Weapons; Reports 'Sub-Standard' and Faulty Parts

  Bangladesh, a traditional buyer of Chinese military equipment, has raised grievances with Beijing regarding the delivery of defective components and technical malfunctions in its imported military hardware. This issue is not unique to Bangladesh, as other nations like Myanmar have also encountered problems with Chinese fighter jets, according to an ET report. Experts in the Chinese defense industry argue that Beijing lacks the expertise to manufacture highly sophisticated military hardware and is not yet considered a top-tier producer of modern defense equipment. They claim that much of China's weapon systems are based on outdated technology copied from the West. Developing countries often opt for Chinese weapons due to their lower cost compared to similar systems from Western countries. China sells arms through state-run export organizations like the Aviation Industry Corporation of China (AVIC), NORINCO, and CVIC. Sources familiar with the matter told ET that the Bangladesh mil
Post a Comment
Read more

North Korea Celebrates 'New Era of a Space Power' after Satellite Launch

  In a significant development, North Korea recently celebrated what it termed a 'new era of a space power' following the successful launch of a satellite. The reclusive nation's space endeavors have long been a source of international concern and scrutiny, raising questions about its technological capabilities and intentions. This latest achievement has reignited debates and speculation about North Korea's space ambitions. The satellite launch, conducted by North Korea's space agency, comes amid a backdrop of geopolitical tensions and global attention on the Korean Peninsula. The state media hailed the event as a major milestone, highlighting the successful deployment of the satellite into orbit. However, it is important to note that the international community remains skeptical, with concerns over the dual-use nature of space technology that could potentially be applied to ballistic missile systems. North Korea's pursuit of space capabilities has been a conten
Post a Comment
Read more