INVESTOR’S PROFILE

Introduction

What is the origin of true ambition? There exists really only one place to find true ambition and that is within us – in every thought, in every movement, in every motivation, in every decision and in every product we produce here in ICARUS’. Our ambition is an expression of which we truly are our own self-expressions.

ICARUS’ is joining efforts with specialized consultants to sketch its roadmap to become a main pillar in the local and global health arena, assigning INNOVATION as a title on every step and throughout we sketch. ICARUS’ will set new standards in the health market by utilizing new technologies and the expertise of highly trained professionals and consultants.

Market Analysis

Kuwait’s Overall Healthcare Sector

Health care is viewed to be one of the basic rights of individuals in any society, and is an integral part of human resource development. Kuwait is one those countries in which the government has taken a dominant role in the provision of health care services, and, as a part of its welfare oriented approach to development, has adopted policies under which, until recently, all types of health care services provided by the public health care system had been free for the population, including nationals and expatriates.

The health care system and health conditions improved dramatically in the years after oil revenues brought wealth to the country. Kuwait’s first attempts to introduce a modern health care system dates back to the first years of the twentieth century when the ruler, Mubarak Al Sabah the Great, invited doctors from the Arabian Mission of the Dutch Reformed Church in the United States to establish a clinic. By 1911 the group had organized a hospital for men and in 1919 a small hospital for women. Following this in1934 a thirty-four- bed Olcott Memorial Hospital was established. Between 1909 and 1946, Kuwait experienced gradual, albeit limited, improvement in health conditions. After the government began receiving oil revenues, it expanded the health care system, beginning with the opening of the Amiri Hospital in 1949.
Following this, the Kuwait Oil Company (KOC) also opened some small health facilities. In the 1950s, the government introduced a comprehensive health care system offering free services to the entire population. Free health care was so extensive that it even included veterinary medicine. Expenditures on health ranked third in the national budget, after public works and education. As with education, the system relied heavily on foreigners. Critics charged the designers of the system with paying undue attention to acquiring the most modern and expensive medical equipment, without regard to the country’s health priorities, and favoring treatment over prevention.

Nonetheless, improvements in available health care and in public health were dramatic. The number of doctors grew from 362 in 1962 to 3,589 in 2004. The doctor patient ratio improved from 1 1,200 in 1962 to 1 650 in 2004. Infant and child mortality rates dropped dramatically Life expectancy increased ten years in the post-independence years, putting Kuwait at a level comparable to most industrialized countries. In 1990
life expectancy for males was seventy-two years and for females seventy-six years.

Kuwait has a well developed public health system with universal health insurance coverage arranged through employers or ‘sponsors’ for non-citizens. Kuwait Healthcare at present mainly involves the public health care system which is headed by the Ministry of Health. Although the government introduced a comprehensive health care system, a number of private hospitals and clinics have sprung up which offers specialized services to the public.

Health Care

KUWAIT’S HEALTHCARE SERVICES SPECTRUM

Comprehensive health services are available in Kuwait from both public and private health care providers. These services are regulated by the Ministry of Public Health.

PUBLIC HEALTHCARE

As in 2003, the public health sector namely the Ministry of Health had five general hospitals namely Amiri, Mubarak, Farwania, Adan and Jahra in each of the health regions including the specialized Sabah Medical Hospital ten specialized hospitals namely Al-Razi, Psychiatric hospital for Mental Disorders, Maternity, Chest Diseases, Infectious Diseases, Ibn Sina Hospital, Chest Hospital, Sulaibikhat hospital, Kuwait Cancer Control Center and Kuwait Allergy Center, seventy four primary health care clinics with a total of 29,486 individuals working in the Ministry of Health. Each of the five general hospitals is located in the five health regions namely Farwania, Jahra, Ahmadi, Hawalli and in the Capital.

Public Clinics Primary health care is provided by a network of clinics and polyclinics, which are usually found in community centers, often near the local co-op supermarket. These clinics deal with preliminary examinations and routine matters and, where necessary, patients are referred to hospital specialists.
Public Hospitals Kuwait is divided into five Health Regions. Each region has a general hospital, the Amiri Hospital in Kuwait City, Jahra Hospital in Jahra, Farwaniyah Hospital in Farwaniyah, Mubarak Al-Kabir Hospital in Jabriya, and Adan Hospital in Reqqa. Each general hospital provides a full outpatients service and 24 h/d emergency service.

The country also has a comprehensive range of specialist hospitals, covering chest and heart diseases, neurosurgery, pediatrics, obstetrics and gynecology, burns, cancers, radiology, nephrology, infectious diseases, ophthalmology, physiotherapy, and psychiatry. Most of these are concentrated in an area stretching along or near to Gamal Abdul Nasser Street in west Shuwaikh.

Under its four year plan beginning in 2003, the MPH established new health centers in Qurain and Sabahiya, and expanded the psychiatric hospital. New specialist centers were set up with funds donated by the private sector, including the Khaled Al-Nafisi Renal Dialysis Centre and a Pediatric Centre (sponsored by NBK), both in Sabah Hospital, as well as new Ear, Nose and Throat Centre (sponsored by MTC) and many others.

Health Care

PRIVATE HEALTHCARE IN KUWAIT

Healthcare was also provided by private health sector which consisted of a large number of private sector hospitals and three hospitals belonging to the oil companies as well as a number of private clinics which have sprung up in Kuwait after the liberation of Kuwait. Despite the excellent comprehensive services provided by the public health service, private hospitals and clinics thrive in Kuwait. The Ministry of Health regulates standards and the fees they may charge. The private hospitals and clinics have their own pharmacies. Most of them are general hospitals with some specialist departments. Some have limited equipment, such as ICUs, or specialists and refer patients to government hospitals for special procedures. Private clinics are usually staffed by doctors of a particular specialty. There are several private dentists and dental clinics providing services to international standards. A decision is also issued allowing cooperative societies, private hospitals and Kuwaiti doctors to open private clinics for general practice in residential areas.

Private Medical Care Despite the excellent comprehensive services provided by the public health service, private hospitals and clinics thrive in Kuwait. The MPH regulates standards and the fees they may charge.

Major Shareholders

1) Mr. Saud Al-Khonini - President
Major investor in various industrial companies in the local market. He is the largest investor in ICARUS’ Medical Industries .

2) Mr. Khaled Al-Kulaib - Vice President & MD
The first founder of the company and the one who created the preliminary studies of the company

3) Mr. Fahad Alsaqobi - Board Member
Major investor in the petrochemicals sector and has extensive knowledge and on had experience in the industrial sector in the Gulf region markets.

4) First Investment Co. - Represented by Mr. Bader Al-Houti (board member)
First Investment Co. established in 1997 with capital ( KD seventeen million ), licensed by Kuwait central bank as Islamic Investment Company. Shareholders are
- Ministry of Awqaf & Islamic Affairs
- Public Institution for Social Security
- Public Authority for Minors Affairs
- And other companies & a big business mans in Kuwait
( www.fic.com.kw )

5) Al-Muthanna Investment Company Represented by Mr. Ahmad Al-Lhaib (board member)
Established in 2004 and owned on of largest banks and financial institute in Kuwait 100% by Kuwait finance house ( www.kfh.com), Al-Muthanna investment company successfully implemented its strategy by offering Islamic investment products that reflect its position and consolidate its status as one of the leading companies in this sector, both locally and internationally, all while maximizing client wealth and offering creative investment solutions.

MIC has a team of highly qualified individuals coming from different professional backgrounds. The company has so far successfully managed the private placement of 3 companies as well as co-placing 5 others. Some of the private placement companies are
- Al-Ria Logistica
- ALAFCO
- Masaken

MIC has successfully acquired a number of companies (listed and unlisted) in Kuwait and other GCC markets. Some of the companies are
- Majan College – Listed on the Muscat Stock Exchange. (Approx. 75% owned by MIC)
- Kuwait Manager Co. – K.S.C.C. (40% owned by MIC)
- International Turnkey Systems – K.S.C.C (10% owned by MIC)
( www.mic.com.kw )

6) Alnouf Real Estate Co.
One of the largest real estate developers in Kuwait. Currently operating a network of residential & commercial buildings. Alnouf planned and executed Kuwait pearls city, which is the largest real estate development project executed by the private sector in Kuwait.

7) Development Enterprises Holding Company
Development Enterprises Holding Company is a newly established Kuwaiti shareholding company (closed) fully owned by Kuwait Finance House. The Company’s capital is KD 15 millions. Its main focus is on industrial projects and services supporting the industry with emphasis on energy and environmental projects. The company intends to play a major role in supplementing and adding value to the major projects implemented by the government and shall play a role in the well-positioning of the private sector in this field.

8) Tareq Company W.L.L.
The company endeavors to cope with the global advancements in the area of human health. Thus contributing to the enhancement of Kuwait’s position among the world’s leading nations in terms of human development in general.
( www.tareqco.com )

Corporate Profile

Chairman’s Message

Our Mission

To be the leading health firm in the local market and export our activities to reach the surrounding markets.

Icarus will set new standards in the health market by utilizing new technologies and the expertise of highly trained professionals and consultants.

Our Activities

The following are the activities of the company as per the article of incorporation:

• Producing syringes, needles and medical equipments.

• Represent foreign companies bearing interest in medical, medicine pharmacy and veterinary activities locally or internationally.

• Establish and sharing with hospitals, medical centers labs, pharmacies and veterinary medical centers, the technology and managing their inventory of medical units and medicines.

• Consulting, maintenance and construction services to hospitals, medical centers labs, pharmacies and veterinary medical centers.

• Investing surplus funds in financial portfolios that are under the management of specialized companies and institutions

ICARUS’ will establish and share management, accommodation and maintenance as well as providing ambulance services, and other links between hospitals and institutions. ICARUS’ will have the right to initiate activities that have been mentioned above inside or outside Kuwait, on its own or through agents.
Departments

PRODUCTION DEPARTMENT

Sterile hypodermic single use syringes, medical & surgical uses are recent innovations in the field of medical treatment. It reduces the suffering of human being, reduces the hospital delay, & prevents complication in form of communicable disease. It can be concluded that it has become a necessity today.

Production department undertakes to participate effectively in reducing the human suffers. It is the department that manages & directs the syringes production which will extend to include the single use items. Production department will utilize the newest technology to assure the best quality & standards. All the technologies adapted are ecologically based, using environmental procedures & state of the art
engineering to achieve these aims. On the other hand, GMP-rules govern the quality of the disposable items. All the engineering systems & equipment are in accordance with the ISO standards on quality & safety, & have the additional advantage of high degree of operational comfort.

In the same time, Icarus production department is seeking to get the approval of the FOOD & DRUGS ADMINISTRATION (FDA) – MINISTRY OF HEALTH – UNITED STATES. FDA Mainly focuses on ensuring that medical devices are reasonably safe & effective. This will hardly support Icarus products to be marketed in the U.S. Market & international markets. Welfare, quality, safety, & operational comfort are our ways to reach the professional targets.

MEDICAL DEPARTMENT

Medical department provides high-end services to the medical community, researchers and other valued customers. Divisions of ICARUS medical department have one common goal that is always come up with unique medical products with high quality and values for the medical market.

Medical Department tends to cover the private and governmental medical sectors as well as attending the medical exhibitions and conferences that are being held world wide.

ICARUS Pharmaceutical Division:
• Representing multinational pharmaceutical companies
with unique medicines.
• Always in seek of finding new solutions for threatening diseases
that we face in our present day.

ICARUS Biomedical Division:
• Multinational biomedical companies with medical equipments
that serve the pharmacies, hospitals and laboratories are also
represented by Icarus.

ICARUS Paramedical Division:
• Innovative division that seeks anything new that serves the food
supplements and Para cosmetics market sectors.