Shares of Gulf Pharmaceutical Industries surged at the open on the Abu Dhabi Securities Exchange after it opened a Dh500 million insulin manufacturing facility in Ras Al Khaimah.
Shares of the company also known as Julphar jumped 5.1 per cent to Dh3.05.
"The total capacity of the plant is 1,500kg of insulin," Julphar said in a statement posted on the Abu Dhabi bourse on Monday.
The company first started producing insulin in the northern emirate eight years ago, using imported crystal from Europe, Julphar said.
"Some 20 per cent of the Gulf region's population now has diabetes with the number likely to double by 2030 if action is not taken to contain the disease," according to the statement.
The Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2,588.34 points.
Banking and financial related companies led the losses on the Dubai Financial Market exchange. Dubai Islamic Bank, the largest lender with Shariah rules, slipped 0.5 per cent to Dh1.94. Tamweel, the Islamic mortgage company, fell 0.7 per cent to Dh1.27. Takaful Emarat, the insurance company, dropped 2.2 per cent to 60 fils. The Dubai Financial Market General Index was down 0.03 per cent to 1,556.77 points.
Elsewhere in the region, Kuwait's measure added 0.2 per cent to 5,865.14 points. Bahrain's index was unchanged at 1,076.67 points. Oman's MSM 30 Index slipped 0.05 per cent to 5,589.41 points. Qatar's QE Index added 0.2 per cent to 8,477.76 points.
The Saudi Tadawul All-Share Index lost 0.3 per cent to 7,072.60 points.
halsayegh@thenational.ae
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The Bio
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The rules on fostering in the UAE
A foster couple or family must:
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- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Ms Yang's top tips for parents new to the UAE
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