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Dubai Investments acquires further 66% stake in pharmaceutical firm

Dubai Investments acquires further 66% stake in pharmaceutical firm
Globalpharma is now a wholly owned subsidiary of Dubai Investments
Dubai Investments
DIC
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Dubai – Mubasher: Dubai Investments, listed on the Dubai Financial Market (DFM), on Thursday announced it has purchased an additional stake of 66% in Globalpharma.

Accordingly, Globalpharma is now a wholly owned subsidiary of Dubai Investments, according to a press release.

The diversified Dubai-based investment group had divested a 66% stake in the pharmaceutical subsidiary in 2014 and had maintained to hold minority 34% equity in it.

Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Our original investment in Globalpharma was well timed and good for the growth of the healthcare sector in the UAE and region.”

Dubai Investments’ healthcare portfolio “includes different stakes in KCH Healthcare LLC, Clemenceau Medical Centre, tie-ups with hospital operators such as NMC in Dubai Investments Park and Mirdif Hills,” Bin Kalban added.

He noted that this acquisition will achieve key business objectives for Dubai Investments and bolster the economy in Dubai, as well as help the emirate become a hub for world-class medical care in line with the long term plans of the UAE in fields such as health and science.

The company didn’t disclose further details on the value of the acquisition.