Amid a growing demand for healthcare services in Saudi Arabia, Banaja Holdings, formerly Saudi Import Company, unveiled on Sunday its new corporate identity and group management restructuring. The new name and management structure for Saudi Import Company will fuel greater efficiencies and further growth. At a press conference at Park Hyatt Hotel, Jeddah, Yousef Banaja, CEO of Banaja Holdings, said the change will be beneficial in terms of growth and greater healthcare and pharmaceutical opportunities across the Kingdom of Saudi Arabia and the region. The former Saudi Import Company was founded in 1944 by Sheikh Yehya Banaja and compiled the first customer database and delved into new technologies to create this customer-oriented, efficient, and progressive distribution company. It has a key advantage in the Kingdom for being one of the first players in the region to distribute pharmaceuticals and healthcare products. The Holdings group has a total investment of SR350 million, after an infusion of SR150 million to the existing capital of SR200 million as part of the restructuring plan, Maher J. Kheder, Banaja Holdings Business Development Group director, said. “Today's announcement is more than a change of corporate identity. By the same token we are very proud of our new identity and feel it best embodies the character and culture of our organization. Additionally, Banaja Holdings' group restructure is part of our transformation in order for us to best generate efficiencies and synergy with our partners that will benefit the country and region in terms of healthcare and pharmaceutical import and distribution,” Banaja said. The evolution of the organization has seen Banaja Holdings bring and represent some of the biggest names in healthcare and pharmaceuticals in the Kingdom. It is poised to become the frontrunner of the Gulf healthcare industry. With steady 15 percent year on year growth over the last five years, the organization's restructuring will further develop and mature pharmaceutical market. The Kingdom's pharmaceutical sector is valued at SR11 billion ($2.9 billion), of which 11 percent is held by Banaja Holdings. Under the new setup, Banaja Holdings will act as the strategic planner, IT department, HR department, finance department, and “think tank” for its three member companies, namely, Abdullatif Sufian Banaja & Partners for Logistics (Saudi Logistics), Abdullatif Sufian Banaja & Partners for Pharmaceuticals (BPC Pharmaceuticals), Abdullatif Sufian Banaja & Partners for Medical Services (BMC Medical), and one affiliate company, Banaja Trading Company (BTC). On the possibility of selling it shares to the public, Kheder said Saudi Logistics is the most probable of the four to launch an initial public offering in 2-3 years. Each company is then left to focus on its core competency for streamlined and innovative solutions for its clients and business partners. Saudi Logistics is the leading integrated third party logistics provider in the Kingdom for pharmaceuticals and healthcare products under the holding company. The company adheres to the latest WMS (warehouse management systems) ISO 9001-2000. Saudi Logistics boasts a warehouse capacity of over 25,000 pallets, and has a truck fleet of 60 strong. With over 200 employees in the holding company, and over 600 employees in total including all of the member companies, Banaja Holdings dedication to its staff is second to none. Development is built around training, international training, encouragement, and rewards. Banaja Holdings maintains excellence in service by adhering to stringent international standards. It is certified as a ‘Class A' company for DRP (Distribution Resource Planning), assessed by Buker Inc., US and enjoys 95 percent efficiency in sales and distribution coverage throughout the Kingdom. With the commitment of its loyal and dynamic workforce, Banaja Holdings continually strives to improve on this high achievement whilst adhering to and maintaining its ISO 9001-2000 accreditation.
