Over 1000 healthcare companies visited Jafza stand during Arab Health 15

Jebel Ali Free Zone (Jafza), the flagship Free Zone business of Dubai and the trade and logistics hub for the wider Middle East region, has attracted interest from a large number of global industry players during Arab Health 2015, held last week in Dubai.

More than 1000 companies in pharmaceutical and healthcare sector from Europe, USA and Indian subcontinent visited Jafza stand during the 4-day Arab Health exhibition held at Dubai World Trade Centre. These companies wanted to know more about the Free Zone facilities including the multimodal connectivity it offers to reach all leading markets in the region at the fastest pace. The companies have shown keen interest in rapidly expanding healthcare markets in the Middle East which Jafza as a trade and logistics hub serves.

Jafza stand also received top governmental officials from several countries from Europe, the US, CIS and Africa who were interested in growing opportunities in the healthcare sector in the region.

Senior diplomats and officials from trade development bodies that visited Jafza stand during Arab Health 15 included the French Ambassador who was accompanied by the  Head of Trade Development Commission in the French Embassy in the UAE; Economic and Commercial Consular from Belgium Embassy; Trade Commissioner and Regional Representative & Market Advisor for Innovation Norway; Senior Market Advisor,  Enterprise Ireland; Chief Executive, Scottish Development-International; International Business Manager - Europe, Middle East and Africa from Colorado Office of Economic Development; International Trade and International Program Manager from the State of New Hampshire, Department of Resources and economic Development; Ukrainian Ambassador; Consul General of Azerbaijan; and Trade Commissioner of Ethiopia in the UAE.

Ibrahim Mohamed Aljanahi, Deputy CEO of Jafza and Chief Commercial Officer of Economic Zones World, the parent company of the Free Zone, commenting on Jafza’s remarkable success at the Arab Health said:

“The MENA pharmaceutical market is estimated to post a compound annual growth rate of more than 10% over the next five years, which is 4-times higher than the estimated global pharmaceutical market growth. Middle East region is, therefore, one of the most lucrative markets for the healthcare industry in the world. As the region’s trade and logistics hub Jafza offers a comprehensive platform that allows companies to reach and serve the entire market at the fastest pace. Remarkable growth of health care sector in Jafza in the last few years has further cemented Jafza’s status as the hub and a favoured investment destination.”

Aljanahi was referring to a recent Business Monitor International (BMI) report that predicted global pharmaceutical market to post a 5-year CAGR of 2.4%. According to BMI Espicom the MENA pharmaceutical market during the same time will grow at a CAGR of over 9 per cent. 

According to BMI, the healthcare sector in the GCC will continue to benefit from the infrastructure boom and the region’s focus on developing medical tourism industries. Despite decline in oil prices the funding to healthcare sector in the GCC countries remains unaffected. Saudi Arabia, the UAE and Oman have already announced planned increases in healthcare spending in 2015. Throughout 2014, African countries have continued their efforts at expanding access to medical services through healthcare insurance schemes. With the support of World Bank and other international bodies including NGO’s the momentum is expected to gather pace in 2015.

Jafza is at present home to more than 270 leading multinationals in the pharmaceutical and healthcare sectors including Johnson & Johnson, Roche Group, Sanofi, GlaxoSmithKline, Quest Vitamins, Carl Zeiss, Nihon Kohden, Sodexo and GE Healthcare among others. The healthcare sector in Jafza has been posting robust growth over the years. In 2013 the sector in the Free Zone generated trade worth AED 10.1 billion posting an impressive increase of over 29 per cent over the preceding year. The Free Zone expects a robust increase in the number of companies in 2015 and similar growth in the trade volumes in the current fiscal.