PHOTO
Announced plans to invest around OR 115 million (USD 300 million) for expansion plans into the GCC
'AVIVO GROUP' to expand presence into Oman by end of 2015 as the Sultanate's healthcare market shows signs of growth by 8.9% in the next 3 years
Muscat - Oman - 'Al Masah Capital Limited', one of the region's leading alternative investment and asset management firms, has announced the rebranding of its healthcare private equity initiative, 'Healthcare MENA Limited' (HML), to 'AVIVO GROUP'. The group has also announced ambitious plans to expand into Oman by end of 2015, and have reasoned the expansion to the massive opportunities in the Sultanate's healthcare market which is expected to grow by 8.9% over the next 3 years.
'Al Masah Capital Limited' revealed its plans to invest around OR 115 million (USD 300 million) to support the growth and regional expansion of 'AVIVO GROUP' in Oman and other GCC countries within the next two years. This investment will increase the number of healthcare facilities operating under the 'AVIVO GROUP' brand from 32 to 50. This expansion is set to create more than 1,000 new job opportunities for GCC residents, and at the same time increase the annual reach of the group's medical services from 1.3 million patients to almost 2 million patients all over the GCC region.
'Al Masah Capital Limited' research indicates that Oman's healthcare sector is an essential sector in the Sultanate's economic growth, which is benefitting from rising government expenditure, a robust banking sector, and a drive to expand labour intensive SMEs. Between 2010 and 2018 the healthcare expenditure CAGR stood at 8.6%.
"Al Masah Capital is very active in alternative investment strategies. We believe in securing returns for investors while focusing on socially relevant sectors such as healthcare and education. AVIVO GROUP healthcare network is set to become one of the largest in the region, and we are focussing our efforts to enter new markets such as Oman," said Shailesh Dash, Founder, CEO and Board Member of 'Al Masah Capital Limited' and Chairman of 'AVIVO GROUP'.
Healthcare markets in the GCC are extremely promising and remain undersupplied despite rapid growth. In fact, data suggests that the GCC healthcare market is projected to continue growing at an annual rate of 11.1% to hit USD 87 billion by 2018. In Oman, the healthcare system is still largely supported by government spending - with 80% of healthcare facilities and services financed by the government.
"The opportunities are immense," said Amitava Ghosal, Executive Board Member and CEO of 'AVIVO GROUP'. "Healthcare spending in Oman is expected to increase. The private sector is already playing a key role in providing healthcare to Omani citizens and residents. This is a market that is expected to grow 8.9% between 2015 and 2018 to hit USD 3.1 billion by 2018.
"AVIVO GROUP believes that virtuous public private partnerships can introduce innovation in healthcare, and will definitely help the Omani government meet rising demand for excellent health services through world class facilities. Our plans are closely aligned with those of the Omani government, which is spending considerably on healthcare initiatives and wants to attract world class facilities and operators to the country," added Ghosal.
'AVIVO GROUP' currently manages and operates 2 hospitals, 14 speciality centres, 8 high-end dental centres, 6 pharmacies, and 2 diagnostic facilities. In addition to employing more than 200 highly qualified doctors, specialized in 22 medical specialities, 'AVIVO Group' has a staff capacity of more than 1,000 experienced and well trained medical professionals.
The rebranding comes as part of an overall strategy to position 'AVIVO GROUP' as one of the largest integrated healthcare services providers in Oman and the region. The unified brand, 'AVIVO GROUP', will ensure consistency in operating procedures, best practices and corporate values across all operations in current and future markets. The rebranding also reflects the commitment that 'Al Masah Capital Limited' has held to invest in socially relevant sectors, such as healthcare and education, that positively touch people's lives.
In the past few years, 'AVIVO GROUP' has successfully expanded its presence in Abu Dhabi, Dubai, and Sharjah as well as in Kuwait. The group has plans to strengthen its presence in those cities and expand its network into new markets, such as Oman, Qatar, Saudi Arabia and South East Asia, with further details to be announced by the group at later stages. During the next two years, 'AVIVO GROUP' will be present in 5 of the 6 Gulf countries.
-Ends-
About AVIVO GROUP:
'AVIVO GROUP' is the rebranded identity of well-established healthcare private equity initiative, 'Healthcare MENA Limited' (HML). Operating under 'Al Masah Capital Limited', one of the region's leading alternative investment and asset management firms, 'AVIVO GROUP' owns and operates world-class healthcare facilities across the GCC with the aim of delivering excellence and accessibility in healthcare to local populations. 'AVIVO GROUP' currently owns and operates 32 healthcare facilities, including 2 highly reputed hospitals, 14 speciality centres, 8 high-end dental centres, 6 pharmacies, and 2 state of the art diagnostic facilities. Those include 'AVIVO GROUP Hospitals', specialised 'AVIVO GROUP Clinics', and accessible 'PrimaCare Clinics' and 'PrimaCare Pharmacies'. 'AVIVO GROUP' employs 200 doctors, specialized in 22 medical specialities, and has a staff capacity of more than 1000 experienced and well trained medical professionals. Annually, 'AVIVO GROUP' offers world class medical services to more than 1.3 million patients. The name 'AVIVO' is derived from the Latin verb "Avivar", which means to brighten, cheer up or enliven. 'AVIVO GROUP' stands for excellent healthcare that is accessible and reliable. As a brand, 'AVIVO GROUP' is committed to enhancing the lives of people through world-class healthcare. There are immediate future plans to expand into new Gulf markets while creating new healthcare assets in existing ones.
For more information, please contact:
Maan Dalghan - Public Relations Director
Quill Communications
Mobile: +971 52 9933298 - +971 50 4735351
Email: mdalghan@quillmena.com
Rabih Saab - Public Relations Manager
Quill Communications
Mobile: +971 55 5661370 - +971 56 1035641
Email:rsaab@quillmena.com
© Press Release 2015
