Doha, 31st May 2010: BanajaBanajaSaudi Import Company Banaja Saudi Import Company, has recently signed an agreement with Qatar Infusions Factory (Qatar PharmaPharma). In the agreement Banaja Saudi Import Company will distribute Qatar PharmaPharma’s products in the Kingdom of Saudi Arabia (KSA), marking the first healthcare cooperation move between KSA and Qatar. The agreement is expected to generate SR 100 million in KSA sales during the first phase.
The deal builds on the support of the outstanding relationships between the two countries under the patronage of the Custodian of the Two Holy Mosques – HM King Abdullah bin Abdulaziz and HH the Emir of Qatar Sheikh Hamad bin Khalifa.
The agreement was signed by Youssef Abdullatif Banaja Saudi Import Company Holdings and Dr Ahmed Mohammed Al Sulaiti on behalf of Qatar PharmaPharma. The agreement covers the distribution of medical infusions produced by Qatar PharmaPharma in KSA in its first phase and dialysis solutions and medications in its second phase.
Mr. Yousef Banaja President of Banaja Holdings, hailed the agreement as the first of its kind demonstrating enhanced cooperation between the two countries in the healthcare sector and strengthening economic ties. Due to increasing demand, the healthcare market in the GCC is expected to grow at about 9 per cent annually to reach between $47bn and $55 bn (around Dh172 billion to Dh202 billion) by 2020, according to a recent published report in Gulf News.
Mr. Banaja said: “Both Saudi Arabia and Qatar are keen to enhance the quality of health services in the Gulf. The pharma industry already has a leading position in both countries and this deal will help meet the market’s growing needs for medical products which are considered a key factor in achieving medical security in the region”.
Dr. Ahmed Al Sulaiti, Chairman of Qatar Infusions Factory, said: “This agreement is part of the Saudi-Qatari economic cooperation, initiated by HH Sheikh Hamad bin Khalifa and HM King Abdullah bin Abdul Aziz”.
He also noted that Doha relies heavily on the Saudi market and realizes its importance for the Qatari business sector, adding that the agreement highlights the resolutions of the GCC leaders, aimed at supporting pharmaceutical and medical equipment sectors across GCC states.
The agreement reflects expectations of a 20% increase in KSA population, to about 30 million people, by 2016. This population growth will drive the expected increase in spending on the development of healthcare services and is likely exceed population growth.
Dr. Al Sulaiti added: “We are excited to take part in this growing demand for healthcare products in KSA and look forward to a fruitful cooperation”.