Business & Money | Friday 27 February, 2015 3:02 am |

The UAE-based Indian business tycoon B. R. Shetty plans to open 150 branches of UAE Exchange across Saudi Arabia as part of his efforts to expand his operations in the Kingdom.
Speaking to Arab News, Shetty said his group has taken over the majority shares in the London-based foreign exchange giant Travelex in a deal valuing over a billion pound sterling.
“I have come to attend the Jazan Economic Forum as guest of Prince Turki bin Mohammed bin Nasser, director of international relations at the Ministry of Commerce and Industry,” said Shetty, who is the fifth richest Indian in the Gulf.

Shetty spoke high about the Jazan forum, adding that it encouraged him to invest more money in the region and other parts of the Kingdom.
“I am very much impressed by Saudi Arabia. It’s a land of opportunities,” he added.
Shetty said the UAE Exchange, which he founded in 1980, and Travelex, would continue their business in their separate domains under a new holding company, which will go for an initial public offering in the third quarter of 2016.
The UAE Exchange has over six million customers in 30 countries. It also operates Xpress Money, which has 100,000 locations in 136 countries. Travelex has more than 1,500 outlets and more than 1,300 cash machines in 27 countries.


Shetty, who is also the managing director and CEO of Neo Pharma based in Abu Dhabi, has signed a deal with Prince Turki to establish a SR1 billion plant in the new Jazan Industrial City.
Work on the plant will start next month, he said.
He said that the plant would manufacture important medicines for cancer, diabetes, cardiac ailments and other chronic diseases.
“We’ll bring Japanese technology to the Kingdom in collaboration with SBI Pharma for diagnosis and treatment,” he said.
He said SBI Pharma manufactures products containing 5-aminolevulinicacid (5-ALA), which is an important component used for cancer detection, diagnosis and screening, prevention and treatment of metabolic disorders.
Shetty unveiled plans to set up a 250-bed specialty hospital and an international school in Jazan.

The hospital is estimated to cost SR1 billion, he said, adding that its capacity could be expanded to 500 beds in future.
Shetty’s NMC Hospitals Group also intends to establish three super specialty hospitals in Riyadh, Jeddah and Dammam and acquire existing hospitals in Saudi cities.
“We have also plans to set up a health tourism project in Farasan Island of Jazan.”
Sheikh Rafik Mohammed, chairman of Gammon Group, which is developing the Jazan Industrial City, said Neo Pharma would have 65 percent stake in the pharmaceutical project while Prince Turki will hold 25 percent and Gammon Group 10 percent.
Neo Pharma will receive an interest-free loan worth 75 percent of the project cost for a period 20 years.

Prince Turki, who is authorized by Jazan Gov. Prince Mohamed bin Nasser to develop Jazan Industrial and Economic City, will help Neo Pharma to procure license from the concerned authority and assist to establish their plant in Jazan.

Gammon, which is engaged in diversified projects having global presence, have been legally appointed by Prince Turki as authorized representative to initiate meaningful discussion with credible companies, groups or Individuals around the globe to establish their branches or new industrial, commercial or residential business ventures in Jazan.

Mohammed Riyas, director of Gammon in Mali, Thailand, UAE and Saudi Arabia, said the Jazan forum was instrumental in promoting viable investment projects in vital sectors.
He commended Jazan Gov. Prince Mohammed bin Nasser and Prince Turki bin Nasser for their efforts to make the forum a big success.
Jazan Industrial City is being established in the southwestern part of Saudi Arabia with a focus on the energy and manufacturing industries.
It is expected to attract industrial, commercial and residential investments valued at SR75 billion and create 100,000 direct and indirect jobs.