Project Description
Jamjoom Pharma intended to purchase raw and packaging material, and manufacture a stock of pharmaceutical products for the ophthalmic line.

Project Sponsors

Jamjoom Pharma (JP) is a separate department of the Jamjoom Group which is a 100% Saudi owned group. JP was established in 1999 for a total cost of around USD 29.4m financed through equity around 40 percent and debt 60 percent from Saudi Industrial Development Fund, Saudi American Bank and ICD. JP started operations in 2000. The company belongs to the Abdulatif Jamjoom & Bros Group which has long standing interest in the Pharmaceuticals and medical products sector having operated as distributors for reputed multinational companies for more than 50 years. The Company has previously benefited from a financing of ICD to the tune of USD 2.6 million.

Project Location

JP is located in the industrial zone in Jeddah, Saudi Arabia.

Project Cost

Total project cost is USD 3.23 million

ICD's Role and Developmental Impact

ICD extended the financing of a total of USD 3.23m (SR 12.114 m) divided as follows:

(a) USD 1.36m (SR 5.1m) for Murabaha to purchase raw and packaging material; and

(b) USD 1.87m (SR 7.014m) for Istisn'a to finance finished good for the ophthalmic line.

The pharmaceutical sector is a very important and strategic sector in Saudi Arabia. It is important to help local pharmaceutical manufacturers to strengthen their position in home countries and in ICD member countries, indirectly reducing the reliance on imports of pharmaceutical products. Moreover, Jamjoom Pharma exports to other IDB Group member countries that further encourage intra-trade between the member countries of the IDB.