Emirate's medical industry sees investments of up to $542 million
The Abu Dhabi Department of Economic Development (ADDED) has identified 23 industrial areas for investment mainly in the pharmaceutical and medical industries aimed at achieving self-sufficiency in Abu Dhabi’s health sector.
Among these investment areas, 14 belong to new industries in the market while the other nine are already existing ones.
The identification of investment areas is part of the ‘Basic Industries’ project being implemented by ADDED’s Industrial Development Bureau (IDB) in collaboration with Abu Dhabi Investment Office (ADIO), the Department of Health – Abu Dhabi (DoH) and the Abu Dhabi Health Services Company (SEHA).
H.E. Mohammed Ali Al Shorafa, Chairman of ADDED, said that the ‘Basic Industries’ project seeks to create new investment opportunities and promote self-sufficiency.
H.E. Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, said that the total number of licenses issued for medical manufacturing in the emirate reached 23 with an investment value of $542 million, 10 of which are currently ‘Under Construction’ with an investment value amounting to $254 million.
The other 13 have reached ‘Production’ status with an investment value of $288 million.
Factories that have licenses with ‘Production’ status are identified as five for the production of medical protection supplies with $73 million as investment value.
Four are specialized in pharmaceutical production with an investment value of $127 million and four other factories for the production of medical devices and equipment with an investment value of $91 million.
H.E. Al Balooshi added that the leading public and private hospitals’ annual consumption of priority healthcare related products is valued at $1.5 billion.
H.E. Dr. Tariq Bin Hendi, Director General of the Abu Dhabi Investment Office (ADIO), said, “The new investment areas represent a wealth of new possibilities for investors and manufacturers in or looking to establish in Abu Dhabi. In particular, the thriving healthcare sector offers sizeable commercial opportunities for investors, and ADIO is here to help these companies.”
The ‘Basic Industries’ project is being implemented by ADDED in partnership with the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), Abu Dhabi Department of Energy (DoE), DoH, and ADIO .