Aster Pharmacy, the retail arm of Aster DM Healthcare has entered into a long-term joint venture agreement with Al Hokair Holding Group to setup and operate pharmacies in the Kingdom of Saudi Arabia (KSA).
UAE, October 17, 2022: Aster DM Healthcare, one of the largest integrated healthcare providers in GCC and India, is expanding its footprint in the Kingdom of Saudi Arabia with the Aster Pharmacy division. Aster Pharmacy, the leading pharmacy chain in the UAE, through this partnership, aims to set-up and operate 250+ stores over a period of 5 years and provide ease of access to pharmaceutical and wellness products across the segments of Nutrition, Baby care, Skin Care, Home Healthcare, etc. Through this joint venture agreement, both partners will work towards bringing Aster Pharmacy's in-house quality care products to serve the healthcare needs of the local population in KSA. The partnership plans to open and operate in high streets, communities and shopping malls of KSA beginning with Riyadh, the capital and the largest city of the Kingdom. As Phase 2, we aim to set up pharmaceutical manufacturing within the Kingdom to support the Saudi Vision 2030.
Aster DM Healthcare currently operates 446 pharmacies in India, GCC and Jordan, including 201 Pharmacies in India operated by Alfaone Retail Pharmacies Private Limited under brand license agreement. Originating in UAE, Aster Pharmacy has become a household name and has emerged as the brand of choice amongst pharmacies due to its ease of access and customer first approach. During the last financial year, Aster Pharmacy recorded 8 million visits across its units.
Speaking on the entry into the KSA market, Dr. Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare said, “Aster DM Healthcare entered Saudi Arabia through Aster Sanad Hospital in Riyadh in 2016. Being the largest, most populated, and fast-growing country in GCC, we have decided to expand our presence in the Kingdom. The plan is to expand our primary care footprint through the introduction of Aster Pharmacy to serve the large growing market and we are glad to partner with the prestigious Al Hokair Holding Group in this venture to set up 250 retail pharmacies in the first phase.”
Speaking on the venture, Mishal AlHokair, Deputy CEO of Al Hokair Holding Group, said “We are pleased to have this collaboration with Aster DM Healthcare Limited which is one of the largest private healthcare service providers operating in the GCC and in India. This agreement comes within the group strategy that represents a new and additional step for our investment portfolio in Al Hokair Holding for the coming years. and a qualitative addition in line with the Kingdom's vision 2030 and quality of life program that is mainly focused on healthcare and wellbeing of humanity”
Speaking on the expansion of Aster Pharmacies, Ms. Alisha Moopen, Deputy Managing Director of Aster DM Healthcare said, “At Aster, we always strive to bring our quality care offering to the doorsteps of the community that we serve and thereby ensure that the highest standards of healthcare services are easily accessible for our customers. Aster Pharmacy's entry into KSA in partnership with Al Hokair Holding Group reiterates our commitment to the people of Saudi Arabia to bring our health and wellness experience closer to their homes.”
Through this joint venture agreement with Al Hokair Holding Group, Aster Pharmacy aims to expand its horizons beyond UAE, India, Oman, Qatar, Bahrain and Jordan into other territories to provide customer centric experience and genuine pharmaceutical and non-pharmaceutical products.
Aster Pharmacy in the Kingdom of Saudi Arabia would aim to provide easily accessible friendly pharmacies in every neighborhood that delivers its brand promise “We'll treat you well” and work persistently to bring itself closer to its customers to be able to fulfill its mission of having an Aster branded pharmacy store in every neighborhood and a knowledgeable Aster pharmacist available 24/7 for every household.