NMC Health, the UAE healthcare provider, and a Saudi state-run company signed a preliminary agreement to invest up to 6 billion riyals (Dh6.05bn) in healthcare facilities in the kingdom over the next five years.
The FTSE 100-listed NMC, and Hassana Investment company, the investment arm of Saudi Arabia’s General Organisation for Social Insurance will form the joint healthcare venture, which will acquire and develop facilities with a capacity of up to 3,000 beds and employ up to 10,000 full-time and part-time employees, the Saudi government’s media office said in a statement.
The agreement was signed at the three-day Future Investment Initiative summit that runs until Thursday in Riyadh.
“The Saudi government’s forward-looking and investor-friendly policies make the kingdom one of the most attractive destinations in the region for investment in the healthcare sector,” Prasanth Manghat, chief executive of NMC, said in the statement on Wednesday.
Saudi Arabia, the Arabian Gulf’s biggest healthcare market, is encouraging private sector involvement in its healthcare industry to help meet rising demand for medical services due to an expanding population, increased treatment costs and rising insurance coverage, according to a March report from Dubai investment bank Alpen Capital.
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Spending in the kingdom’s healthcare sector, which grew at an annualised average rate of 15.4 per cent between 2010 and 2015, is forecast to expand at a compound annual growth rate of 6.1 per cent to reach $59.5bn by 2022 from an estimated $44.3bn in 2017.
The kingdom will need the most beds in the region by 2022, estimated at 7,500. It had 470 hospitals with 70,844 beds at the end of 2016, accounting for 70 per cent of total regional bed capacity, the report said.
NMC signed in July this year an agreement to form the JV with Hassana to provide 1,489 beds in Riyadh, with 664 beds contributed by five NMC facilities and 825 beds by two National Medical Care facilities. It wasn’t clear if the new agreement includes the announcement made in July.
“The JV drives future expansion for NMC in Saudi Arabia where it will seek to take majority stakes in Saudi-based healthcare operators,” said the statement. “It will also acquire operation and management contracts to oversee private and government hospitals in the kingdom, NMC will hold a voting majority in the proposed JV, with the exact stake subject to final terms. NMC will also retain operational and management control of the assets.”
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Company%20Profile
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SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
The%20Super%20Mario%20Bros%20Movie
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Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
