NMC Health expands into Saudi, makes acquisitions

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NMC Health expands into Saudi, makes acquisitions

Published: Mon 25 Sep 2017, 9:39 PM

Last updated: Mon 25 Sep 2017, 11:47 PM

Dubai-based healthcare service provider NMC Health on Monday said it had received regulatory approvals from Saudi authorities for long-term facility in Jeddah as it aims to grow both organically and inorganically in the kingdom.
"As one of the first foreign entrants into the Saudi healthcare sector, we have learned a great deal over the past year and intend to use this knowledge to better navigate the Saudi regulatory landscape moving forward. With a total licensed capacity now at about 700 beds, we see Saudi Arabia as an important part of NMC's growth strategy and will continue to identify areas in which we can fill gaps in the country's healthcare offerings" said Prasanth Manghat, CEO of NMC Health.
NMC's long-term care facility, Chronic Care Specialty Medical Center (CCSMC), in Jeddah, is believed to be one of the first greenfield medical facilities in Saudi Arabia to be established by a non-local company.
The company will target long-term, home health and fertility in larger tier-1 cities in multi-specialty segment as well as tier-2 cities which lack adequate medical services.
NMC Health has also reached agreements to acquire a multi-specialty hospital in each of the northwestern and southern regions of Saudi Arabia for an aggregate consideration of $40 million. In addition, NMC intends to establish a greenfield multi-specialty facility in Al Khobar after the encouraging operational success of the recently acquired As Salama Hospital.
NMC agreed to acquire a 60 per cent stake in a new 100-bed hospital in Najran. The acquisition is expected to close later this year.
It also acquired a 60-bed hospital in Ha'il, but plans are under way to increase capacity to greater than 100 beds.
A shell and core, greenfield project is planned in the Western Province of KSA with a projected capacity of 170 acute care beds. The facility is expected to be operational in H1 2019. - waheedabbas@khaleejtimes.com
 

By Staff Report

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