Medsol, the Dubai-based medical services company, plans to double the number of diagnostic laboratories it operates in the Gulf as private medical care booms across the region.
The size of the medical sector in the UAE was expected to reach nearly US$12 billion (Dh44.06bn) by 2015, more than tripling in size within a decade.
Medsol, which is owned by Global Capital Management, the Kuwaiti private equity firm, planned to purchase an additional 16 laboratories to grow its specialised medical business in the GCC, a senior executive said. Its laboratories can perform roughly 4,000 different procedures including cholesterol checks, swine flu tests and MRI scans.
"We're looking to focus on existing private laboratories with a solid business plan to integrate within our organisation," said Ravi Dhir, the acting chief executive and vice president of Medsol's Kuwaiti operations.
The expansion had been focused on Saudi Arabia, but more acquisitions in the UAE had not been ruled out, he added.
Medsol now controls 10 laboratories in Dubai, five in Kuwait and one in Saudi Arabia.
As the UAE continued to make significant investments in health care, including a number of new hospitals and medical speciality centres under construction, the sector's value was expected to grow from approximately $3.2bn in 2005 to $11.9bn by 2015, according to Santeum Partners, a healthcare consultancy.
"The region is very attractive to us because of the ageing population, amount of disposable income available and the insurance-based market forces," said Mr Dhir.
Since Medsol started in 2006 with four laboratories in Dubai, the diagnostic business had been a major revenue driver for the company, said Wayne Hidge, the finance director for Gulf Healthcare International, Medsol's parent company.
"On average, our labs generate profit margins of about 65 per cent," he said, adding the company's capital was "sufficient" to meet its targets.
The company had seen its revenues grow by 150 per cent and profit increase 100 per cent in the past two years, Mr Hidge said.
Diagnostic laboratories have a promising future in the region as pharmaceutical firms required local test results to fine-tune their drugs to better serve patients in the region, said Ruch de Silva, a consultant with Datamonitor.
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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.
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Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
