UAE’s Globalpharma targets market for generic Ozempic
Globalpharma is preparing to manufacture generic versions of blockbuster weight-loss drugs like Ozempic and Mounjaro.
The Dubai Investments subsidiary is partnering internationally to develop peptide-based injectables using off-patent precursors, aligning with national goals to localise pharmaceutical production.
“The capability to produce, develop and analyse is what we are working on,” Dr. Basem Al-Barahmeh, the company’s General Manager, told Arabian Gulf Business Insights.
Globalpharma has more than doubled sales since 2019 and expects revenues to triple this year, with projections exceeding $150 million.
With two UAE plants producing 40 million medicine packs annually, Globalpharma is preparing for local production of complex injectables once regulatory approvals are secured.
Mubadala Bio aims to build UAE’s influence in pharma industry
Mubadala is consolidating its pharmaceutical interests into a new investment unit aimed at making the Abu Dhabi sovereign wealth fund a stronger player in the international health care market.
Mubadala Bio will focus on drugmaking, biopharma development and distribution logistics, operating at 10 locations in Asia, Africa and Europe, with its base in the UAE, the company said in a statement issued today.
Dr. Bakheet Al Katheeri, CEO of Mubadala’s UAE Investments Platform, said the new unit will “elevate Abu Dhabi’s role in delivering impactful health solutions on a global scale.”
Serving more than 100 countries, Mubadala Bio said its cumulative manufacturing capacity will exceed 2.5 billion pills and capsules, enabling its portfolio companies to make more than 10,000 products.
Abu Dhabi bets on extending longevity with new biotech hub
The UAE, which created a ministry to promote tolerance and coexistence nearly 10 years ago, is now making longer life expectancy into a national project, tapping a young female biochemist to lead its investment campaign.
Fatma Almulla, an expert in Mideast healthcare finance, was appointed this month to head the Abu Dhabi Investment Office’s new initiative called HELM, which stands for Health, Endurance, Longevity and Medicine. The Mubadala sovereign wealth fund is a strategic partner.
In the new post, Almulla, 31, will seek to develop a cluster of alliances with some of the biggest pharmaceutical companies and healthcare firms – part of an effort to make the UAE a world leader in medical innovation. HELM aims to raise more than $11 billion in investment over the next 20 years.
“The UAE has the right to win in this global marathon,” Almulla said in an interview with The Circuit last week in Abu Dhabi. “In five years, I expect to see five big pharma companies with production facilities established here.”
Before assuming the HELM post, Almulla spent a decade abroad, earning two master’s degrees at the University of Glasgow and a doctorate in biochemical engineering at University College London. For the past two years, she’s worked at GKSD Investment Holding, a Milan, Italy-based consulting firm focused on healthcare and engineering, where she rose to become Vice President and Advisor to the Chairman on business development in the Middle East.
Almulla, who was named in 2023 to the Forbes Middle East “30 Under 30” list that spotlights the region’s upcoming leaders, said HELM will cultivate biotech startups in the UAE and Middle East through funding, mentorship and networking opportunities.
Fostering research in such fields as genomic medicines and advanced therapies through AI-powered diagnostics, Almulla said, should help people in the UAE lead longer and healthier lives.
The interview has been edited for length and clarity.
How would you describe the mission of the new HELM initiative?
The cluster brings together an integrated and powerful ecosystem designed to drive innovation, attract global investments, and position Abu Dhabi as a global leader in life sciences. In this group, we are welcoming global pharma companies across biotech, pharma, MedTech, and digital health.
Not only big pharma companies. We also work with startups such as biotech and health tech ventures. We help them by linking them to our accelerators, such as Hub71, which gives them access to funding, mentorship, and networking opportunities in the Middle East. At its core, the cluster will enable advancements in genomic medicines, advanced therapies, and AI-powered diagnostics. Our niche is clear in terms of longevity and wellness.
Why is this program important for Abu Dhabi, in particular, and for the UAE and the Middle East overall?
The healthcare sector is very important. The size of this market is expected to grow to 93 trillion dirhams ($25.3 trillion) by 2045. Currently, the life sciences market alone is at 7.7 trillion dirhams and will grow to 40 trillion dirhams by 2045.
The UAE has the right to win in this global marathon. It has many advantages. For example, a third of the world’s population is within a four-hour flight from the UAE. More than 90% of global pharma companies have a presence in the UAE. We also have the second-largest national human genome project. Clinical trial approval in the UAE usually takes no more than 28 days, thanks to our streamlined regulators like the Department of Health.
We are helping these companies access the Middle East, Asia, and Africa regions, who are looking to expand in the region. As I mentioned with the market size and growth, there will be twice the demand for healthcare solutions. That means there will be a need for better and quicker therapies, advanced therapies, and genomic solutions.
How much investment can HELM potentially generate?
We expect the cluster will unlock 42 billion dirhams ($11.4 billion) in investments. It will contribute 94 billion dirhams in incremental GDP growth and create around 30,000 new jobs – all by 2045.
Which major institutions are supporting HELM?
Mubadala is one of our strategic partners. They already have a global life sciences investment platform. ADQ also has major investments in life sciences. Being part of the cluster allows us to leverage those assets. We collaborate with them to assess new investments. One of their recent investments was in a manufacturing platform, and now they are exploring bringing parts of that to Abu Dhabi.
We’re working with UAE University, Khalifa University, NYU Abu Dhabi, and Mohamed Bin Zayed University of Artificial Intelligence. Partnerships with international universities are also in the pipeline. For regulations, we work with the Department of Health and the ADGM. For R&D, we work with Masdar as an innovation center. For infrastructure, we have KIZAD (Khalifa Industrial Zone Abu Dhabi), Masdar, and the Abu Dhabi Airport Free Zone. For talent development, we partner with universities globally.
We still need to develop specialized programs in areas like biopharma, biotechnology, and genomics. We’re also creating opportunities for postdoctoral and postgraduate studies. Talent development is an integral part of the cluster. We’ll know more when we announce deals with pharma companies.
In a nutshell, what are your short-term and long-term goals?
Our vision is for 2045. But in five years, I expect to see five big pharma companies with production facilities established here. Building a full substance and formulation facility takes about four to five years. Capital deployment happens immediately.
If we close deals in the next two years, I believe by the five-year mark, we’ll see many of the big pharma companies here. We’re already working with some of them – that will attract others.
ADIA ramps up investments in India as UAE leverages ties
From energy, infrastructure and pharmaceuticals to iconic snack brands and baby products, the Abu Dhabi Investment Authority has been pumping funds into India over the past six months.
Across five deals with Indian businesses, the sovereign wealth fund invested $1 billion during the first half of 2024 as the UAE pushes to increase non-oil bilateral trade with its second-largest trading partner.
India is becoming a magnet for sovereign investment amid growing geopolitical and economic uncertainty elsewhere.
Last month UAE Minister of Economy Abdullah bin Touq led a trade delegation of Emirati business leaders and government officials to the world’s most populous nation.
It followed reciprocal visits by UAE President Sheikh Mohamed bin Zayed and Indian Prime Minister Narendra Modi.
ADIA has been able to leverage relationships with India’s biggest conglomerates, including Mukesh Ambani’s Reliance Industries and Gautam Adani’s Adani Group, to grow its presence.
The fund has been named among likely investors, alongside Abu Dhabi’s International Holding Co., in an upcoming $1 billion stock offering for Adani Energy.
Among the non-oil deals under pursuit, ADIA is a part of a consortium led by Blackstone which is attempting to acquire a majority stake in snack giant Haldiram in a deal worth $4.8 billion. If successful, the purchase is likely to be the largest private equity buyout in India to date.
The fund is also being sounded out by the Indian government to buy its stake in Vodafone Idea.
