UAE’s Julphar Explores Sale of Mideast Chain Planet Pharmacies - Bloomberg
Gulf Pharmaceutical Industries is exploring the sale of its Middle Eastern retail pharmacy network amid heightened demand for health-care services in the region, according to people familiar with the matter.
Julphar, as the company is known, is sounding out potential buyers for Planet Pharmacies and seeking around 1 billion dirhams ($272 million), one of the people said, asking not to be named because the information is private. EY is advising on the sale, the people said.
Representatives for EY declined to comment, while officials at Julphar, which is based in the emirate of Ras al Khaimah, didn’t respond to requests for comment.
The Gulf region’s health-care sector has been booming over the past decade as strong economic growth increased government spending in the industry and boosted middle-class incomes. Investment bank Alpen Capital estimates that the region’s health-care expenditure will grow 5.4% annually to reach $135.5 billion in 2027, according to a report earlier this year.
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