Dubai-based Aster expands into the Caribbean with Medcity project in Cayman Islands

Dubai-based Aster DM Healthcare has announced plans to open its first hospital in the Cayman Island, as part of a wider plans to expand across the Caribbean region and the Americas.

As part of an agreement signed with the Cayman Islands government, Aster will set up a ‘clinical excellence hub’ for the Western hemisphere in the territory.

Aster will initially develop a 150-bed tertiary and quaternary care hospital, with the scope to expand it further based on need. The project is expected to break ground by mid-2021, with the commencement of the Aster Cayman Medcity – phase 1 construction.

It also plans to open an assisted living facility and healthcare university in the long-term.

With the project, Aster aims to replicate its ‘Medcity’ flagship concept which it set up in Kochi, India.

Dr. Azad Moopen, founder chairman and managing director of Aster DM Healthcare said: “Aster is in the process of expanding to other regions. Apart from catering to the requirements of the local population for tertiary and quaternary care, Cayman Islands in the Caribbean has the potential for attracting patients from the US, Canada and the Caribbean countries for holistic healthcare experience due to its proximity.

“We see this also as an opportunity to de-risk and diversify our portfolio by adding another geography.”

Alden McLaughlin, Premier for the Cayman Islands said that the project will see Aster invest “several hundred millions of dollars in the Cayman Islands economy”.

“This project will not only help to diversify our economy, but it will also provide employment and new opportunities for our people during the construction phase and for decades to come,” he said.

“Once Aster Medcity is completed it will help to further diversify our healthcare tourism product by adding to the availability of medical services for those patients coming from overseas, as well providing needed services within our domestic healthcare market,” he added.

The Cayman Islands, located in the Western Caribbean, has a growing flight network and is located just over an hour by air from Miami.

“The Caribbean region is a developing market with tremendous potential which is yet to be fully tapped,” stated Alisha Moopen, deputy managing director of Aster DM Healthcare.

“While the Cayman Islands is best suited in terms of location, government support and healthcare spends, the region is looking for right-cost, best quality alternatives to the exorbitant costs that locals have to pay for seeking quaternary care abroad. Moreover, there is a significant opportunity to tap into the American medical value tourism market which sees almost 350,000 patients choosing the Caribbean region annually,” she added.

Aster, one of the largest integrated healthcare service providers in the GCC, currently operates a network of 26 hospitals, 115 clinics and 224 pharmacies worldwide.