Advertisement

Dubai's Amanat Holdings buys 13.18% stake in Saudi hospital for $97.01 million

Nurses wheel a patient in the emergency department at Al-Noor Specialist Hospital in Mecca September 30, 2014.REUTERS/ Muhammad Hamed

Nurses wheel a patient in the emergency department at Al-Noor Specialist Hospital in Mecca September 30, 2014.REUTERS/ Muhammad Hamed

Reuters/ Muhammad Hamed
11 January 2017

Dubai-listed Amanat Holdings PJSC on Wednesday announced it has acquired a 13.18 percent stake in Saudi-based International Medical Company (IMC) for 363.85 million Saudi riyals ($97.01 million).

Amanat said it will assist IMC, which operates a 300-bed multi-disciplinary hospital in Jeddah, with expertise and capital as the Saudi hospital expands operations both within the existing facility and the Western Region over the next five years.

Alpen Capital, in its February 2016 GCC Healthcare Industry report, forecasts the kingdom's healthcare sector to reach $27.4 billion in 2020, registering a CAGR of 11 percent from 2015.

Saudi Arabia's National Transformation Plan (NTP), announced in June 2016, aims to increase the share of private sector investment in healthcare from current 25 percent to 35 percent by 2020. Examples of this include Amanat's acquisition of a 33.2 percent stake in the Saudi long-term care provider Sukoon International Holding for 179.2 million riyals ($47.78 million) in 2015.

Abu Dhabi's NMC Health also announced in August last year it had bought a 70 percent stake in As Salama Hospital in Al Khobar for $28 million and invested $4 million in a 120-bed hospital in Jeddah, Reuters reported.

Advertisement
© Zawya Projects News 2017
Advertisement

Trending on Zawya

In the last 24 hours

Advertisement
Advertisement