City Pharmacy makes AED 110 million investment in Kizad
UAE’S LONG-ESTABLISHED FAMILY-OWNED PHARMACEUTICAL BUSINESS TO SET UP IN KIZAD’S LOGISTICS CLUSTER
The capital’s biggest infrastructure project, the Khalifa Industrial Zone Abu Dhabi (Kizad), has signed a long-term ground development lease (Musataha) Agreement with City Pharmacy, a long established pharmaceutical and medical family owned business that will set up in Kizad’s logistics cluster. The agreement which sees the company invest over AED 100 million was signed by Khaled Salmeen, CEO and Managing Director, Khalifa Industrial Zone (Kizad), and Dr. Abdul Rahman Al Mahmeed, Chairman of City Pharmacy.
City Pharmacy’s operation is currently based in Zayed Port and will be transferred to Kizad soon. They are one of the UAE’s largest medical and pharmaceutical suppliers. It currently caters for around 2,000 customers in the market comprising government and private entities.
The signed agreement will allocate 46,072 square metres of land over 50 years to City Pharmacy which aims to use Kizad’s strategic location, access to global markets and its integrated transportation network to distribute its products across the UAE and international markets. As a tenant, City Pharmacy will further benefit from Kizad’s low cost of utilities.
Commenting on the signing, Khaled Salmeen said: “We are pleased to welcome City Pharmacy, a renowned pharmaceutical company that will become an integral tenant to Kizad’s logistics cluster, adding diversity to the portfolio of the industrial zone’s customer base. Already a leader in the UAE’s Industry for the past 40 years, City Pharmacy will be able to, exponentially, grow its business on an international scale through Kizad’s outstanding access to global markets. Through such signings, Kizad is on its way to fulfilling its commitment of economic diversification and its contribution to Abu Dhabi’s economic vision.”
Dr. Abdul Rahman Al Mahmeed noted that: “We are proud to be the first pharmaceutical and medical establishment to come to Kizad. The strategic agreement signed with Kizad will offer City Pharmacy stronger access to its existing clients and introduce it to many untapped international markets. By relocating to Kizad, an ideal business environment adjacent to the state of the art Khalifa Port , City Pharmacy will benefit from strategic advantages that will strengthen the nature of its business, leaving it to enjoy decades more of success.”