Hikma, a Jordanian pharmaceutical company, has proved resilient to both the downturn in the US and civil unrest in its major markets in the Middle East and North Africa (Mena), and it shows no sign of slowing its ambitious growth plans this year.
Last year the stakes were high for Hikma, which in 2010 received 14 per cent of its total group sales from five Mena markets that were heavily disrupted last year - Bahrain, Egypt, Libya, Tunisia and Yemen. Yet the company reported group net sales rose 10.4 per cent to US$394 million in the first half of last year compared with the same period in 2010, the latest figures available, with growth of 14 per cent in Egypt despite the unrest there last year.
Hikma is aggressively building on this with ambitious expansion plans, including acquisitions and product development, which investors might heed more than the recent 1.27 per cent drop in the London-listed company's share price. In December, it signed a $110 million loan agreement with the International Finance Corporation, a private lending arm of the World Bank Group. The company said the nine-year loan facility would be used to support capital expenditure and expansion in the Mena region.
Last month, Hikma increased its stake in Moroccan company Promopharm from 63.9 per cent to 94.1 per cent. The company has also said it is committed to expanding its manufacturing capabilities in Algeria, Egypt and Tunisia, reflecting its optimism for the region.
Hikma is also growing organically through successful product marketing and development. The company ended last year by signing an exclusive agreement with a specialist Canadian oncology company, Aeterna Zentaris, for the registration and marketing of perifosine, its lead anti-cancer drug, for the Mena region. It began this year by securing the approval of its new drug application for Argatroban injection from the US Food and Drug Administration.
lmiller@thenational.ae
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So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
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Abu Dhabi Sustainability Week
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
