Aster Pharmacy, the retail arm of Aster DM Healthcare, has signed a long-term joint venture agreement with Al Hokair Holding Group to expand its footprint in the Saudi Arabian pharma market.

Through the partnership, Aster Pharmacy is expected to open and run over 250 pharma stores in Saudi Arabia over a period of five years.

Under phase 1 of the partnership, the joint venture aims to set up and run pharmacies in high streets, communities, and shopping malls of Saudi Arabia starting with the capital city Riyadh.

Dr. Azad Moopen — Aster DM Healthcare, Founder, Chairman, and Managing Director, 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.”

Phase 2 of the partnership will witness the establishment of pharmaceutical manufacturing within the Kingdom to complement the Saudi Vision 2030.

Mishal AlHokair — Al Hokair Holding Group Deputy CEO said: “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.”

Aster Pharmacy, through the partnership with Al Hokair Holding Group, plans to expand its footprint beyond UAE, India, Oman, Bahrain, Qatar, and Jordan.

Aster DM Healthcare at present operates 446 pharmacies in India, GCC, and Jordan. These include 201 pharmacies in India, which are operated by Alfaone Retail Pharmacies under brand license agreement.

  Al Hokair Holding, Aster DM Healthcare, Aster Pharmacy, Dr. Azad Moopen, Mishal AlHokair, Riyadh, Saudi Arabia