HEALTH & EDUCATION
India’s Himalaya Wellness inks $32.6m deal to build pharmaceutical plant in Dubai Industrial City
New facility will create hundreds of specialised jobs and produce three billion tablets annually.
Indian multinational pharmaceutical company Himalaya Wellness has signed an agreement to build an AED120 million ($32.6m) herbal pharmaceutical plant in Dubai Industrial city, a move which aligns with the UAE’s Operation 300 billion to bolster the industrial sector and economic diversification.
The facility will be producing three billion tablets, 15 million syrup bottles and three million units of ointment annually at Dubai Industrial City, creating hundreds of specialised jobs and exporting medicines to over 100 countries, according to a release issued on Tuesday.
“Stimulating growth in the pharmaceutical industry by increasing domestic medicine production is of vital national importance in line with the vision of our leaders for economic diversification,” said Saud Abu Al-Shawareb, managing director of Dubai Industrial City.
“For more than a decade, we have been a strategic driver and enabler of Dubai’s knowledge and innovation-based economy and today’s announcement is the latest step forward in our ongoing efforts to position this city as a global hub for advanced manufacturing and logistics,” he added.
The commercial production at the new facility will start in the first quarter of 2024. The proposed factory will sit on 760,000 sqft of prime land and will be the first of three facilities Himalaya will build in Dubai Industrial City. The herbal pharmaceutical facility will be followed by dedicated units for personal care products and functional foods in the future.
“In line with the vision of our leadership, the UAE continues to consolidate its status as a global leader thanks to a raft of infrastructure investments, new initiatives and regulations. Combined, these factors have created a competitive and enabling industrial ecosystem,” said Abdulla Belhoul, chief commercial officer of Dubai Holding Asset Management.
The plant is expected to enhance global trust and confidence in high-quality ‘Made in UAE’ products, boost medical security, and support the nation’s industrial strategy, Operation 300bn.
“Under Operation 300bn, the manufacturing of pharmaceutical and medical products is a crucial segment, and our partnership with Himalaya is another milestone that will contribute towards achieving the nation’s ambitious plans for the industrial sector,” added Belhoul.
Launched in March, Operation 300bn is a 10-year industrial strategy aims to make the industrial sector the main driver of UAE’s economy, contributing AED300 billion to the GDP by 2031, more than doubling its current contribution.