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Banaja Pharmaceuticals signs First Saudi-Qatari Agreement with Qatar Pharma to support Healthcare Cooperation

Recently, Banaja Pharmaceuticals, a Banaja company, has signed an agreement with Qatar Infusions Factory (Qatar Pharma). As agreed Banaja will distribute Qatar Pharma’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. 31-5-2010-1

Youssef Abdullatif Banaja, CEO of Banaja Holdings signed the agreement with Dr Ahmed Mohammed Al Sulaiti on behalf of Qatar Pharma. The agreement covers the distribution of medical infusions produced by Qatar Pharma in KSA in its first phase and dialysis solutions and medications in its second phase.  “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,” said Mr. Banaja. 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”. Added “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 an estimation 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. “We are excited to take part in this growing demand for healthcare products in KSA and look forward to a fruitful cooperation,” added Dr. Al Sulaiti.

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