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.
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.
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