Company Recently Announced Expansion of Healthcare Operations To Kuwait
Alchemist Healthcare LLC, a UAE based Investment Company, and part of Healthcare MENA Limited, a regional healthcare operator, that is managed by Al Masah Capital Limited, an alternative asset management company, has announced a shift in focus to the Sultanate of Oman.
Commenting on the expansion plans of Alchemist, Mr. Shailesh Dash mentioned "our next plan is to focus on the Omani healthcare market, and the Saudi market. Potential changes in the insurance regulatory framework of Oman can make it an attractive market for private investors while Saudi is also a large market for healthcare needs to be addressed."
Mr Amitava Ghosal added, "We are already evaluating an investment opportunity in Muscat and should we be satisfied with our findings, we would probably be commencing operations in the first quarter of 2012 itself. At the same time, we have initiated our efforts to set up our operations in Saudi Arabia which we plan to complete in the second quarter of 2012."
The company recently ventured into the diagnostic business in Kuwait by agreeing to fully manage and operate one of the oldest and most reputable diagnostic and laboratory centers in Kuwait.
Having invested earlier this year in two of the most reputed healthcare assets in Abu Dhabi, followed by the third acquisition in Dubai, Alchemist Healthcare LLC latest venture solidifies its stance in becoming a regional healthcare player offering healthcare services across a wide ranging spectrum.
The diagnostic center in Kuwait is a fully-fledged laboratory that was established in 1997, and is fully equipped with top of the line equipment. The center is located in Al Jabriya area in Kuwait, which is a very busy residential area in Kuwait, and houses close to 70,000 residents and families.
Commenting on the transaction, Mr. Shailesh Dash; CEO and Founder of Al Masah Capital Limited and Board Member of Alchemist Healthcare LLC stated "adding this center to our healthcare platform benefits us both on our geographic expansion after we solidified our presence in the UAE, and by diversifying our healthcare services by tapping into the high growth laboratory and diagnostic sector.
Mr Amitava Ghosal, Partner at Al Masah Capital Limited and Board Member of Alchemist Healthcare LLC, added, "the center has a strong brand loyalty in Kuwait, and we intend to increase the range of our services in the diagnostic space through tie-ups with international players."
The use of laboratory test services has risen notably in the region over the past few years amid aging population, increasing disease prevalence and preference for a healthy lifestyle. Chronic diseases such as diabetes and high cholesterol require continuous monitoring and recurring medical treatments, which reflects positively on the diagnostic and laboratory business in the region.
Alchemist Healthcare LLC is a wholly owned subsidiary of Healthcare MENA Limited; a healthcare investment holding company established with an aim to become one of the largest healthcare networks in the MENA comprising medical centres, niche surgical facilities, diagnostic facilities, tertiary care centres and other related assets with high profitability but low capital intensity.
Alchemist Healthcare LLC is currently managed by Al Masah Capital Limited; an alternative investments asset manager with special focus on social infrastructure initiatives such as promoting the private investments in important sectors such as healthcare, education, and transportation. Al Masah Capital Limited is run by one of the most experienced management teams in the MENA region, boasting an impressive track record in the fields of private equity and alternative investments in the MENA region, with Al Masah Capital Limited currently managing US$200 mln of Assets Under Management (AUM).
© Press Release 2012
