BinDawood Group buys Zahrat AlRawdah Pharmacies from UAE’s Julphar for SAR 444 million

The UAE’s Gulf Pharmaceutical Industries (Julphar) announced today the sale of its Zahrat AlRawdah Pharmacies in Saudi Arabia to BinDawood Holding Group for SAR 444.1 million.

According to the company, the deal, which is still awaiting the necessary approvals, will strengthen Julphar’s financial position and accelerate the implementation of its strategic plans to exit non-core activities and move towards future portfolio growth areas.

The company indicated that Zahrat AlRawdah Pharmacies operates 173 retail pharmacy outlets in Saudi Arabia.

The company intends to use part of the proceeds from the deal to develop pharmaceutical products in addition to specialized pharmaceutical products, and is also studying various strategic options for expansion by manufacturing some of its products under development in Saudi Arabia, according to the company’s statement today.