UAE’s Amanat acquires majority stake in Sukoon

UAE based healthcare and education investment company Amanat has acquired a majority stake in Sukoon International Holding Company, with aims to create the largest pan-GCC post-acute care platform.

Amanat said in a statement to the Dubai Financial Market (DFM) that it will own 85 per cent of the new entity following a merger of Sukoon with Cambridge Medical and Rehabilitation Centre (CMRC).

The merger is part of Amanat’s plan to expand CMRC from 256 beds to 1,000 beds in three years. Sukoon currently operates 130 post-acute beds in Jeddah, Saudi Arabia.

#Dubai based @amanatholdings announces the creation of the largest pan-GCC post-acute care provider as it acquires a majority stake in Sukoon. This will help achieve Amanat’s target to expand capacity to 1,000 beds within 3 years. pic.twitter.com/jQfA5ts7hH

— Dubai Media Office (@DXBMediaOffice) December 19, 2022

A non-cash share swap will see Sukoon shareholders receive 15 per cent of Amanat’s shares in CMRC in return for Amanat receiving additional shares in Sukoon.

“At the acquisition of CMRC, we set out an ambitious strategy to expand to c. 1,000 pan-regional beds within three years and with today’s announcement we are delivering on this ambition,” said Hamad Alshamsi, Amanat’s chairman.

Alshamsi said the company will operate around 400 beds in the UAE and Saudi Arabia, particularly in Abu Dhabi, Al-Ain, Dhahran and Jeddah, with a 300-bed expansion underway, primarily in Saudi Arabia, and further expansion plans in the pipeline.

Amanat said the company is now uniquely positioned to take advantage of the 24,000 post-acute care bed gap across Saudi Arabia and the UAE over the next four years.