Prince Faisal bin Saud bin Musaed of Gammon Group honored B.R. Shetty, a prominent UAE-based Indian businessman, by conferring on him the award of excellence for his contributions toward promoting cultural exchange.

The prestigious award was presented to Shetty during a ceremony at Jeddah Park Hyatt in the presence of business leaders, including Sheikh Ahmed Naji Al-Mubarak, a prominent UAE businessman, and Sheikh Rafik Mohammed, chairman of Gammon Group.

Prince Faisal also honored K.M. Mohammed, chairman and managing director of K.M. Trading, who has offered to invest in the new industrial city being developed by Gammon in the southern Jazan region.

Shetty, who is managing director and CEO of Neo Pharma, has signed an agreement to establish an SR1 billion pharmaceutical plant in Jazan. The plant will manufacture medicines for cancer, diabetes, cardiac ailments and other chronic diseases.

Speaking to reporters after receiving the award, Shetty described Saudi Arabia as one of the best places for investment. He said the Operation Decisive Storm would not affect the strong Saudi economy, adding that he would go ahead with his investment projects in the Kingdom.

Shetty intends to open 150 branches of UAE Exchange across Saudi Arabia as part of his efforts to expand his operations in the Kingdom.

The UAE Exchange has over six million customers in 30 countries. It also operates Xpress Money, which has 100,000 locations in 136 countries.

Shetty’s business group has bought majority shares in the London-based foreign exchange giant Travelex in a deal valuing over a billion pound sterling. Travelex has more than 1,500 outlets and 1,300 cash machines in 27 countries.

Shetty has 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.