At present, almost US$14 billion worth of healthcare-related projects are underway across the Gulf region, with Saudi Arabia alone spending more than US$6.6 billion on a total of 83 projects, and the UAE and Qatar spending a respective US$2.9 billion and US$2.8 billion.

The Dubai healthcare sector, in particular, has grown rapidly over the last decade, and advances in medical and computer technology, among other factors, have made the sector a dynamic one. Crescent Investments officials explained that the rapidly expanding market is the reason that they have chosen to enter the healthcare sector at this time.

"The healthcare market in the Middle East is growing rapidly, partly due to the region's governments' decision to invest heavily in infrastructure, which includes healthcare, and partly due to the high growth in population, changing social demographics, high prevalence of health-risk factors such as diabetes and cancer, and the emergence of insurance-based services. The UAE is one of the more developed markets in the region, with one of the highest per capita healthcare expenditures, and there is a high demand for modern, hi-tech healthcare. The recent mandatory health insurance policy has also led to increased demands for health services and products. Crescent Investments sees the potential in this market, and this is why we have chosen to invest in the sector, with our first investment being in Clinical Pathology Services," said Mr Vijay Sharma, Director of Investment at Crescent Investments.

Clinical Pathology Services (CPS) is a UAE-based company that has the only purpose-built, privately owned, stand-alone, reference medical laboratory for human pathology testing in the UAE, and offers the highest achievable quality analysis in laboratory medicine. The laboratory recently became the first outside of the European Union to achieve CPA (UK) accreditation, which is considered the most rigorous in the world.

Through its investment in CPS, Crescent Investments aims to become an active force in changing the face of healthcare in the region, promoting quality in all areas, starting with the use of using standardised testing, with a focus on the importance of using standardised, accredited medical laboratories to perform all medical tests.

Dr Mashal Al-Nawab, Head of Services at CPS said: "At CPS we are committed to adhering to the highest international standards, and to promoting the importance of standardised medical testing and accreditation not only for medical laboratories, but across the entire healthcare sector. Standardisation and accreditation are the cornerstones of a successful healthcare sector."

"Crescent Investment's decision to invest in CPS is not only financially sound, but is also socially attentive, as by choosing to invest in CPS, they are also confirming their commitment to improving the infrastructure of all healthcare in the country" he added.

This move towards a higher standard of healthcare services is in line with the vision of the Dubai Leadership, as expressed in the Dubai Strategic Plan 2007-15, and is backed by the Ministry of Health (MOH)Ministry of Health (MOH), Dubai Department of Health and Medical Services (DOHMS)Dubai Department of Health and Medical Services (DOHMS) and Dubai Health Authority (DHA)Dubai Health Authority (DHA), which are in the process of publishing strict standards to govern the performance of all medical institutions and organisations in Dubai, including medical laboratories, and to raise healthcare services in the emirate to international standards.

With its investment in CPS, Crescent Investments is taking advantage of the continuing strong growth and expansion of the region's healthcare sector. The firm's decision to invest in a highly accredited medical laboratory is in line with its policy of adhering to the highest socially and environmentally responsible standards, and forms part of its strategy to diversify investments and create multiple drivers of growth, anchored on its time-tested core competencies.

-Ends-

About Crescent Investments:
Crescent Investments, headquartered in the UAE, is a wholly-owned subsidiary of the Crescent Group and has wide and diversified operations and interests in a multitude of industries, including Ports and Logistics, Aviation, Real Estate and Construction, Project Implementation, IT Commerce, Mineral Processing, Healthcare and Private Equity. Crescent Investments aspires to drive each of its businesses towards the highest standards of international competitiveness by consciously contributing to enhancing the appeal of the larger value chain of which it is a part.

Crescent Investments endeavours to enhance its wealth generating capabilities in a globalizing environment, while adhering to the highest socially and environmentally responsible standards. With its traditional values and strong ethics, Crescent Investments is continuing to build strong multinational businesses that achieve rapid and strategic growth through excellence and innovation.

For further information please contact:
Wajih Halawa
SAHARA Communications
Tel: +971 4 329 8996
Mob: +971 50 240 3357
Email: wajih@saharagcc.com

© Press Release 2009

 

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