Al Aseel Investments LLC forays in the Abu Dhabi Healthcare Sector

April 3rd 2011. Dubai, United Arab Emirates - Al Aseel Investments LLC, a UAE based Investment Company that is managed by Al Masah Capital Management Limited, has acquired 100% equity stake in National Hospital and New National Medical Center, it was announced today.  These are two of the oldest and well-reputed healthcare facilities in Abu Dhabi, managed by Dr. B. R Shetty, the founder and Managing Director of the NMC Group, one of the largest private healthcare providers in the UAE and the region.

Both the healthcare facilities were established in mid 1990s and are located in Abu Dhabi, with National Hospital situated in the heart of the city and New National Medical Center located in the Mussafah Residential Area, one of the busiest demographic areas in Abu Dhabi.

Commenting on the transaction, H.E. Abdullah Humaid Al Mazroei, Chairman of NMC Group stated, "We are delighted to announce this deal in conjunction with Al Masah Capital. With their experienced private equity team and solid track record in healthcare investments, we are certain they would continue to achieve more success."  Dr. B.R. Shetty, Founding partner, Managing Director and CEO, NMC Group also added that "National Hospital and New National Medical Center are two very good assets and we are sure that Al Masah Capital will help in growing and expanding the brand throughout the country and the region".

Mr. Shailesh Dash, Founder and CEO of Al Masah Capital added, "We at Al Aseel Investments have the experience of operating assets in the region for the last five years and have always strived to make sound investments based on local know-how and experience. I would like to thank H.E Mr. Mazroei and Dr. Shetty, who are pioneers in the healthcare sector in Abu Dhabi and the UAE for believing in our ability to deliver the same quality of services as NMC and be a participant in the growth of the Abu Dhabi healthcare sector."

The Abu Dhabi healthcare sector is one of the highly regarded investment sectors in the region, with 99% of the city's residents being privately insured.

Mr. Amitava Ghosal, Partner at Al Masah and leading its healthcare initiative, also commented on this landmark announcement. "This acquisition is a first for our company and the first on our healthcare platform. We are looking at several other opportunities that will expand our portfolio further throughout the GCC and MENA region. Abu Dhabi has been one of the pioneers in healthcare sector in the region in terms of reforms and development and we are very happy to make a start from here."

The two healthcare facilities employ more than 300 people, offering services spanning the whole healthcare spectrum, and are equipped with sophisticated medical equipment and machinery. Each asset has a pharmacy in the same building. The two healthcare facilities witnessed significant growth over the last few years, with their associated revenues doubling in less than 3 years.

On the healthcare platform that Al Aseel Investments has launched, Mr. Shailesh added "Our MENA healthcare platform will be rolled out in the next 2 years. We propose to focus on building a network of physicians across MENA through our own polyclinic network, in addition to other investments in the diagnostic and small to midsized hospitals space, as well as explore other related facilities like those providing specialised treatment and care for critically ill, specialized tertiary units, alternative medicine etc. "

Al Masah believes that amongst the various investment themes that are relevant in MENA today, one of the most promising is that of healthcare. There are several factors driving the investments in healthcare sector in the region, including fast growing population, large sections of affluent people, increasing life expectancy, increasing health insurance reach and lack of quality medical facilities to name a few.

Mr. Amitava explained the geographical scope of the healthcare platform by adding, "In addition to these Abu Dhabi assets, we are currently looking to establish our base in Dubai and Kuwait. We expect to add around four healthcare units in both markets in the next few months. We are also targeting Oman and Saudi Arabia as the next markets to enter, with the plan to own and operate healthcare assets in Muscat, Riyadh, Jeddah and Khobar. Our aim is to consolidate our position in the GCC and then expand the platform to North Africa, by targeting similar healthcare opportunities in promising markets such as Egypt and Morocco."

The investment team at Al Masah has extensive experience in the healthcare investments sector. They invested almost USD 250 mil between 2005 to 2008 in MENA healthcare investments including a Saudi healthcare chain specializing in Andrology and Urology, a Dubai based diagnostic chain which was subsequently expanded to a diagnostic and primary care chain operating in Dubai, Abu Dhabi, Al Ain, Sharjah, Kuwait and Saudi, and a Dubai-based 65 outlet pharmacy chain and which was later expanded it to 130 outlets in Dubai, Saudi and Oman in 1.5 years.

Al Aseel also has an understanding with the Healthcare Business at Alchemist Group to access their expertise in the entire gamut of healthcare services that encompass state of the art medical technology, healthcare consultancy, hospital management, best in class quality control process and distinguished panel of medical resources across various disciplines. Alchemist Group consists of 11 companies with over 8500 employees across India. Founded in 1981, Alchemist Group is one of India's fastest growing publicly traded Conglomerates having an asset base of US $2 Billion. The Group has interests in Health care (Hospitals and Pharma), Food Processing, Hospitality (Hotels & Resorts), Food & Beverages (Restaurants chain), Real Estate developments and Infrastructure.

Under the Healthcare spectrum, their flagship Alchemist Hospital, a multi specialty 150-bed facility in Panchkula, Chandigarh, is recognized as a leading centre of quality healthcare in the country. The group also owns a Super Specialty Cardiac Care Hospital, the Alchemist Institute of Medical Sciences (AIMS) in Gurgaon which has been created as a Centre of Excellence in Cardiology and Allied Clinical Services. As part of their pan-India expansion, the group is already in the process of setting up hospitals in three more cities in India viz. Ranchi, Kolkata and Ludhiana.

© Press Release 2011