UAE-based PureHealth has continued to strengthen its international presence through its associate, Ardent Health, which has recently acquired 18 urgent care clinics across New Mexico and Oklahoma from NextCare Urgent Care.

This marks a significant expansion in Ardent’s US network.

The newly added clinics, six in New Mexico under Lovelace Health System and 12 in Oklahoma under Hillcrest HealthCare System, represent a crucial step in Ardent’s growth strategy.

The acquisition aligns with PureHealth’s ongoing focus on driving global expansion through a targeted bolt-on approach.

This strategy aims to enhance healthcare accessibility across the globe while bolstering its presence in high-potential markets.

This transaction builds upon Ardent’s recent acquisition of nine urgent care centers in East Texas and Topeka, Kansas, in 2024.

The additional locations increase Ardent’s reach in mid-sized urban communities across the United States, advancing its goal of creating a consumer-centric healthcare ecosystem.

PureHealth marks a key milestone in its international operations

The transaction also reflects the growing value of PureHealth’s investment in Ardent Health, which saw a successful initial public offering (IPO) in July 2024, just over a year after PureHealth’s investment in the company in May 2023.

Marty Bonick, CEO of Ardent Health, expressed enthusiasm about the expansion, stating, “Expanding our urgent care footprint represents significant progress in our mission to create a consumer-focused ecosystem of care in each of the communities we serve.”

He emphasised that the move would improve patient access to convenient, high-quality services, adding, “These additional access points also bring new patients into our network while creating enhanced capacity to serve patients within our clinics and emergency departments.”

Ardent Health’s strong performance underscores the effectiveness of its strategy.

In its third-quarter 2024 results, the company reported $1.45bn in revenue, a 5.2 per cent increase compared to the same period in 2023. Admissions also grew by 6.4 per cent year-over-year, further signalling the health system’s continued momentum.

The Public Investment Fund (PIF) of Saudi Arabia has closed its first-ever murabaha credit facility, raising $7bn as part of its ongoing medium-term capital-raising strategy.

The deal was backed by a broad syndicate of 20 international and regional financial institutions.

Fahad AlSaif, head of PIF’s Global Capital Finance Division and the Investment Strategy and Economic Insights Division, highlighted the significance of the new facility.

“This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia,” he said.

PIF has strong credit ratings

The sovereign wealth fund, which is at the forefront of Saudi Arabia’s ambitious Vision 2030 reform plan, has garnered strong credit ratings from leading agencies, including Aa3 from Moody’s and A+ from Fitch, both with stable outlooks.

The fund maintains four primary sources of funding: capital injections from the Saudi government, transfers of government assets, retained earnings from its investments, and loans and debt instruments.

This new financing move underlines PIF’s strategy to remain well-capitalised and capable of driving significant investments, both within the kingdom and internationally, as it continues to support the diversification of Saudi Arabia’s economy.

Burj Khalifa, the world’s tallest building, recorded home sales worth a staggering $127.18m(Dhs467.1m) in 2024, according to Knight Frank, as demand in the city’s property market from high net-worth individuals (HNWIs) remains robust.

Residential sales in the iconic tower dropped by 5.7 per cent compared to the Dhs495.2m recorded in 2023 as a result of the lower number of homes available for purchase in the building due to strong demand.

The average price in the Burj Khalifa at the end of 2024 stood at Dhs3,000 per square foot (psf), which is 78.5 per cent above the city-wide average of Dhs1,680 psf.

“The Burj Khalifa’s 15-year reign as the world’s tallest building comes at a time when Dubai’s residential market is experiencing record demand and growth. Indeed, city-wide prices ended the year 19.1 per cent up on 2023, with the iconic tower not far behind with 12.9 per cent growth, a remarkable achievement given the city-wide dearth of properties for sale,” said Faisal Durrani, partner – head of Research at Knight Frank MENA.

Knight Frank says a total of 98 non-branded residential units were sold in the Burj Khalifa in 2024, with an average transaction price of Dhs4.8m per home. The highest price psf in the segment was Dhs4,391 for a two-bedroom apartment, which sold for Dhs9.7m.

The global property consultancy firm highlighted the tower’s position in the ultra-luxury segment, noting that 18 branded residences were sold. The most expensive branded residence, a five-bedroom unit, cost Dhs44m, equating to Dhs4,987 psf—surpassing the highest price per square foot achieved in the non-branded segment.

Since its inauguration 15 years ago, Burj Khalifa has played a pivotal role in Dubai’s real estate landscape, accounting for Dhs8.8bn of home sales in the emirate, the highest for any single building in the city and ahead of second-placed Atlantis The Royal at Dhs6.2bn.

With 1,862 units sold to date, 76 per cent of the tower’s residences are now valued at over $1m, underscoring its global status as a premier address.

Dubai’s red-hot real estate market is defying predictions of a slowdown, signalling that the global hub for business and tourism has broken free from its boom-and-bust cycles. An influx of HNWIs since 2020, with a record net inflow of 6,700 millionaires expected by the end of 2024, has transformed Dubai into one of the world’s hottest markets for prime real estate.

Read: Mark Phoenix on how Sankari is redefining luxury real estate

Dubai has secured the eighth position globally and is the top-ranked city in the Middle East in the Global Power City Index (GPCI) 2024, maintaining its place for the second consecutive year.

The GPCI, an annual study conducted by Japan’s Mori Memorial Foundation, evaluates cities based on their ability to attract people, capital, and enterprises.

Dubai’s performance underscores its growing leadership in areas such as innovation, economic dynamism, and global connectivity.

As the only Middle Eastern city in the global top 10, Dubai continues to reinforce its standing as a premier hub for business, talent, and investment.

The city’s consistent top-tier ranking highlights its enduring appeal on the global stage.

Dubai’s success and appeal linked to visionary leadership

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, credited the emirate’s success to the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.

“Dubai continues to redefine what is possible, combining innovation, sustainability, and a focus on nurturing talent,” said Sheikh Hamdan. “The city has created one of the world’s best environments for businesses to thrive, creative ideas to take shape, and individuals to realise their aspirations while enjoying an exceptional quality of life. This achievement reflects not only visionary leadership but also the collective contributions of countless individuals who share a commitment to excellence.”

Sheikh Hamdan highlighted several factors that contributed to Dubai’s success, including its world-class infrastructure, which has become a magnet for global investment and talent. He pointed to the city’s flexible legislative framework, designed to foster innovation and keep pace with global trends.

“The city’s high ranking on global indices shows that we are not just keeping pace with the world, we are setting new benchmarks for excellence,” he added.

Global Power City Index: Dubai ranks highly as a hub for business and lifestyle

Emphasising Dubai’s commitment to sustainable growth, the Crown Prince remarked, “We remain steadfast in our efforts to consolidate Dubai’s global status as a city of the future. By embracing strategic innovation and maintaining a strong commitment to excellence, we are creating new opportunities across industries.”

Dubai’s consistent performance in the GPCI reflects its focus on enhancing quality of life while driving economic growth. The city continues to attract global talent, businesses, and investors. As one of the fastest-growing cities in the index, Dubai remains committed to setting new standards in urban innovation, connectivity, and resilience.

The index ranks cities based on their “magnetism”, or their capacity to attract people, capital, and enterprises. It evaluates cities across six key functions: economy, research and development, cultural interaction, livability, environment, and accessibility.

This multidimensional approach provides a comprehensive ranking that reflects the diverse factors contributing to a city’s global appeal.

Energy Capital Group (ECG), a Saudi-based investment firm specialising in industrial services and global technologies, announced the successful closing of ECG2.0-Fund2, exceeding its initial target by raising a total of SAR600m ($161m) in an oversubscribed round.

The fund was backed by prominent institutional investors, including anchor investor Jada Fund of Funds, alongside other key investors such as BSF Capital, signalling strong market support for ECG’s strategic vision.

ECG2.0-Fund2 will focus on advancing industrial services and technology-driven solutions to enhance operational efficiency across critical sectors in Saudi Arabia and the broader region. The fund’s strategic priorities include:

Industrial services: Focus on key sectors such as oil and gas, petrochemicals, power and water, metals, and mining.

Global technologies: Investing in cutting-edge solutions to deliver competitive advantages and differentiate business models.

The fund aims to consolidate the industrial services sector in Saudi Arabia, facilitating market expansion, competitive differentiation, and integration.

It will also explore global opportunities for technological innovation to support the kingdom’s evolving industrial landscape.

ECG2.0-Fund2 anticipates exiting its industrial services platform through an initial public offering (IPO) targeted within two years.

This strategy is aligned with Saudi Arabia’s broader objectives of fostering a more diversified and globally competitive economy, providing liquidity for stakeholders while ensuring sustained market growth.

“We are honoured by the trust and overwhelming support of our investors,” said Engineer Ali Alturki, founder and managing partner of ECG. “This achievement underscores our alignment with market needs and our commitment to driving growth in industrial services and advanced technologies within the region.”

Energy Capital Group looks ahead with ECG2.0-Fund3

Building on the momentum of Fund 2, ECG is now setting its sights on ECG2.0-Fund3. With a target size of SAR1,125m, Fund 3 will expand its investment focus to include select manufacturing services and manufacturing-as-a-service models.

The new fund will place a particular emphasis on innovative material value chains, driving critical, sustainable advantages within the industrial sector.

“We look forward to continuing our dialogue with investors as we embark on this exciting next phase,” added Alturki. “Fund 3 represents an opportunity to deepen our investments across the industrial services and technology sectors while aligning with Saudi Arabia’s commitment to sustainable economic growth and technological innovation.