NMC Healthcare hopes the new turnaround plan it has presented to stakeholders will help to shift the attention away from the events of the past eight months and bring its future as a key healthcare provider in the UAE and Oman in focus, its acting chief executive said.
"For me, it's been quite frustrating because there's not been a headline since December that didn't begin with 'Embattled UAE healthcare operator' [or] 'Troubled NMC Healthcare'," Michael Davis told The National in an interview this week.
“We’re in a operational turnaround, we’re in a financial turnaround but we’re also in an reputational turnaround.”
NMC Healthcare was placed into administration in April after the company reported "suspected fraudulent activity" and more than $4 billion (Dh14.7bn) of previously unreported debts, bringing its total debt to more than $6.6bn. It is the biggest private healthcare company in the UAE, with between 13,000-15,000 employees and about 1,800 doctors.
It presented a three-year turnaround plan to lenders on Wednesday that focuses on its operations in the UAE and Oman. It involves divesting non-core businesses such as NMC Trading, two IVF companies – Luarmia and Boston IVF – UK-based Aspen Healthcare and a joint venture it has with Saudi Arabia's General Organisation for Social Insurance. The plan involves putting the group through an administration process at the ADGM Courts and raising $300 million of new funds from existing lenders.
“Seventy-four per cent of our business is here [UAE] and in Oman,” Mr Davis said.
“To focus on our core provides the best value for the stakeholders," he added, pointing out that 80 per cent of its earnings before interest, tax and amortisation comes from its UAE operations.
NMC Healthcare is forecasting gross revenue will fall 16 per cent in 2020, which is mainly due to impact of the Covid-19 pandemic.
Dealing with the pandemic at the same time as the administration process has proved difficult, but Mr Davis said administrators from Alvarez & Marsal have, for the most part, allowed him to focus on running the business.
"It’s frustrating because every minute of every day, while Maria [Simovic, managing director at Alvarez & Marsal] and I are dealing with the administration and the fraud, we have literally tens of thousands of employees that are taking care of patients at the point of care that really couldn’t care less about the fraud," Mr Davis said.
"All they [the employees] care about is having a sense of purpose, and worthwhile work and having the tools they need to their jobs.”
As the pandemic unfolded, more than 200 of NMC's staff were quarantined and others became ill while treating patients.
“It was dangerous for the frontline workers,” he said. “We’ve really had to differentiate between what was happening at the top with the fraud [investigation] and the uncovering of the debt and the administration procedures, with what our core and fundamental driving purpose is, which is caring for our patients and doing so in the middle of the worst pandemic in the last 100 years."
Once the dust settles and the narrative shifts, Mr Davis hopes to be able to "celebrate some of those frontline heroes and some of the staff" who have worked hard over the past four months.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
PRO BASH
Thursday’s fixtures
6pm: Hyderabad Nawabs v Pakhtoon Warriors
10pm: Lahore Sikandars v Pakhtoon Blasters
Teams
Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.
Squad rules
All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.
Tournament rules
The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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Allardyce's management career
Clubs (10) - Limerick (1991-1992), Perston North End (1992), Blackpool (1994-1996), Notts County (1997-1999), Bolton Wanderers (1999-2007), Newcastle United (2007-2008), Blackburn Rovers (2008-2010), West Ham United (2011-2015), Sunderland (2016), Crystal Palace (2016-2017)
Countries (1) - England (2016)
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UAE currency: the story behind the money in your pockets
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Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
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Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
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Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
Zayed Sustainability Prize
SERIE A FIXTURES
All times UAE ( 4 GMT)
Saturday
Roma v Udinese (5pm)
SPAL v Napoli (8pm)
Juventus v Torino (10.45pm)
Sunday
Sampdoria v AC Milan (2.30pm)
Inter Milan v Genoa (5pm)
Crotone v Benevento (5pm)
Verona v Lazio (5pm)
Cagliari v Chievo (5pm)
Sassuolo v Bologna (8pm)
Fiorentina v Atalanta (10.45pm)
More from Neighbourhood Watch
The specs: 2018 Audi R8 V10 RWS
Price: base / as tested: From Dh632,225
Engine: 5.2-litre V10
Gearbox: Seven-speed automatic
Power: 540hp @ 8,250rpm
Torque: 540Nm @ 6,500rpm
Fuel economy, combined: 12.4L / 100km
