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UAE’s NMC Healthcare plans $800m in investments

UAE’s NMC Healthcare plans $800m in investments

The London-listed firm plans to acquire hospitals and other facilities

United Arab Emirates-based hospital operator NMC Healthcare has $800m available to start investing in 2018 in the Gulf and other markets, its chief executive told Reuters in an interview.

The London-listed firm, which is among the beneficiaries from recent growth in the Gulf’s healthcare sector, plans to acquire hospitals and other facilities, as well as smaller investments in In-Vitro Fertilisation (IVF) facilities in Europe, said Prasanth Manghat.

“We have an $800m war chest available to us and see a lot of assets in the market that make sense for us,” said Manghat. “If you look at healthcare, there’s a shortage of quality of assets and from a usage point of view there’s a lot of assets.”

Read: UAE’s NMC Health to build, acquire four Saudi hospitals

The company’s main business has historically been within the UAE, where it has both built and acquired hospitals, including the acquisition in February of Al Zahra Hospital in Sharjah for $560m.

He said he sees opportunities in 2018 from increased government spending in Abu Dhabi, mandatory health insurance reforms in Dubai and Oman and the privatisation of the healthcare market in Saudi Arabia.

The $800m includes $500m from cash and funded facilities and $300m from the company’s balance sheet, he said. It might also consider issuing a bond to help fund any acquisitions, he said.

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