Dubai's medical distributor Unimed, a division of the Mohamed & Obaid Almulla Group, signed a partnership agreement with Egyptian pharma company Wadi El-Neel Benta (WNB) to distribute medicines in the UAE, a statement showed Sunday. Under the partnership, UNIMED will distribute high-quality medicines in the UAE at competitive prices for conditions including diabetes, cholesterol, anti-emetics, nutritional supplements, nervous diseases, and anticoagulants.
The alliance will also help control the monopoly in the drug market in the Arab region.
The agreement comes as part of the 50th-anniversary celebrations of the Emirati-Egyptian relations under the 'Egypt and the UAE… One Heart' theme.
"This collaboration is another step in Arab cooperation for the Arab common market, especially in healthcare," said Sherif Beshara, Group CEO of the Mohamed & Obaid Almulla Group. "We are looking at more strategic partnerships between the private healthcare sectors of UAE and Egypt to manufacture raw materials for medicine."
Beshara started out in private legal practice in 1999, holding senior roles in legal counsel for Barclays Bank and Air Arabia before joining the Mohamed & Obaid Almulla Group and becoming its Group Chief Legal Officer in 2017.
Meanwhile, Mohamed Dabour, chairman and managing director of WNB Pharmaceutical Company, said, "The agreement increases prospects for cooperation and pharmaceutical investment between Egypt and the UAE. UNIMED provides pharmaceutical services and medical equipment to 224 hospitals and clinics, 776 pharmacies, and 143 wholesale companies in the UAE.
WNB, a subsidiary of Egyptian Company for Investments and Projects (ECIP), owns 120 drug preparations registered with the Egyptian Medicines Authority, and operates four production lines for different drug categories.
The Mohamed & Obaid Almulla Group, meanwhile, operates three divisions: healthcare and pharmaceuticals, hospitality, and real estate. The group ranks 31st on Forbes Middles East's Top 100 Arab Family Businesses list. Its healthcare activities center on American Hospital, Monrol UAE, Unimed, and Stay Well Pharmacies.
