UAE’s NMC Health becomes first Middle East firm on UK’s FTSE 100 index

UAE hospital and clinic operator NMC Health has become the first Middle Eastern firm to be listed on the UK’s FTSE 100 index, according to a company announcement.

The firm is among the top 100 companies by market capitalisation listed on the London Stock Exchange after being promoted yesterday.

NMC listed on the exchange in 2012 and has risen up the ranks after seeing its share price rise 22 per cent over the last quarter from 2,187p to 2,670p and a market cap of Dhs26bn ($7.07bn).

Saeed M bin Butti Al Qubaisi, NMC’s largest shareholder said the firm’s presence on the index demonstrated its reputation as a blue chip company.

The healthcare firm, which appointed a new chief executive in March, has plans to expand across the Gulf region after establishing a base of hospitals in the UAE.

Read: UAE hospital operator NMC Health pursues Gulf expansion

In February, it completed the acquisition of Al Zahra Hospital in Sharjah for $560m and it is also pursuing the acquisition of two Atlas hospitals in Oman.

NMC’s revenues for the first half were up 34 per cent year-on-year to $775.2m and net profit attributable to shareholders increased 56 per cent to $105.7m