Al Madina Investment SAOG Enters Healthcare Sector by Announcing 200 Million USD/72 Million OMR Integrated Healthcare Complex in Muscat

November 04, 2015 | Muscat: Revealing a truly unique initiative in the Sultanate, Al Madina Investment SAOG - one of the leading investment companies in Oman announced today a 200 Million USD/72 Million OMR integrated healthcare complex to be constructed in Hail Al Seeb. In a press conference to announce the project, officials from Al Madina Investment unveiled plans to open launch a 225-bed

  
Fully-equipped hospital to be part of integrated healthcare complex, including 120 keys three-star hotel apartments, 300 residential apartments, a fitness centre and retail space


November 04, 2015 | Muscat: Revealing a truly unique initiative in the Sultanate, Al Madina Investment SAOG - one of the leading investment companies in Oman announced today a 200 Million USD/72 Million OMR integrated healthcare complex to be constructed in Hail Al Seeb. In a press conference to announce the project, officials from Al Madina Investment unveiled plans to open launch a 225-bed tertiary care hospital, 120 keys three-star hotel apartments, 300 residential apartments, a fitness centre and a dedicated retail space within the premises. The multi-use healthcare complex will be known as Al Madina International Hospital with an anticipated opening in 2018.

Presiding over the announcement which was held at the Millennium Executive Apartments in Muscat were Eng. Khamis Al Kiyumi, Vice-Chairman and Managing Director - Al Madina Investment SAOG, Abdul Rahman Barham, CEO of Al Madina Real Estate SAOC, Abdul Samad Al Maskari, CEO of Al Madina Investment SAOG, and Dr. Waleed Al Zadjali, CEO of Al Bashayer Specialized Medical Centre - technical partner and co-promoter for the hospital.

In addition, present at the launch event were Mohsin Shaik - Director and Head of Islamic Finance, Al Madina Investment, Ammar Abdullah Al Ali, Director of Business Development, Harith Al Brashdi - COO Al Madina Real Estate, who form the working team behind materialization of this project. They were supported by their teams and other executives from Al Madina Group.

Commenting on the project Eng. Khamis Al Kiyumi, Vice-Chairman and Managing Director of Al Madina Investment SAOG, said, "We have been always a market mover when it comes to groundbreaking and innovative investment opportunities here in Oman. Throughout our journey we have successfully launched investment opportunities in various sector such as Takaful, lease finance, logistics, real estate, education, and Islamic finance. Today, we are proud to announce a new concept in Oman- Al Madina International Hospital, an integrated multi-use healthcare complex that will benefit the Oman economy immensely."

This first of its kind initiative in Oman will make available a unified complex where a spectrum of healthcare options are available that offer patients excellent medical treatment, in addition to a retail space and dedicated fitness-focused facilities. Named the 'Al Madina International Hospital', the clinic will offer family medicine, pediatrics, obstetrics and gynecology, ENT, internal medicine, general surgery, cardiology, orthopedics, endocrinology, neurology, dentistry, orthodontics, physiotheraphy and radiology among its specialties.

In addition to the services provided by the hospital within the healthcare complex, it is Al Madina Group's endeavour to take this offering across the Wilayats in the Sultanate through a network of clinics which will diagnose and refer patients to the main healthcare facility in Muscat.

According to Abdul Rahman Barham, CEO of Al Madina Real Estate SAOC, "The hospital will have complimentary offerings, carried out by our sister company Shaden Development Company SAOC, with the development of 120 keys three-star hotel apartments, 300 residential apartments, including a fitness centre and retail space alongside. The mixed-use healthcare complex will be the first of its kind and aims to create a landmark destination in Oman upon completion in 2018."

He added, "The demand for private health care is rising due to the changing needs of the population. A number of Omanis are seeking treatment abroad because certain specialised treatments are not available here yet. This creates a vacuum in the sector that the private sector is well placed to fill. The opening of Al Madina International Hospital complex will give citizens and residents the opportunity to choose a medical practitioner, avoiding waiting times and be able to benefit from high-quality services, were all cited as reasons for the rise in take-up of private health care."

The World Bank Development Indicators reports that the total expenditure on healthcare as percentage of the GDP for Oman stood at 2.62%, which is lower than the GCC and international averages. All GCC countries face increasing demand for healthcare services due to a rapidly expanding population and a higher prevalence of chronic diseases such as diabetes.

Dr. Waleed Al Zadjali, CEO of Al Bashayer Specialized Medical Centre is the technical partner and co-promoter for this Hospital together with Al Madina Investment SAOG. According to Dr. Waleed, "The hospital will combine the latest technology in medicine with an expert team of doctors that tend to the patients with a truly remarkable and refreshing level of warmth and compassion of a family environment. We are confident that the community will find us a trustworthy healthcare services provider".

He also added that there are strong expression of interest from International hospital operators from Austria, Canada, Germany, Singapore, Malaysia, Turkey as well as the United States to manage and operate this upcoming Hospital.

With the launch of their premiere project in the healthcare domain, it is the Company's objective to raise the standard of healthcare facilities available in the Sultanate, to promote transparency in quality, pricing and patient safety and in general enhance the quality of care so that Omanis do not have to leave the country to receive the best medical opinions and treatment. This initiative became an area of focus following Oman's Health Vision 2050, which aims to integrate the health sector with other areas of the economy, includes the establishment of 10,000 health centres to meet increasing demands arising from increased population and expanded geographical dimensions of Oman.

The population of Oman stood at 4.2 million as on September 2015, as per the reports of the National Centre for Statistics and Information (NCSI). According to United Nations constant fertility projection, the total population of Oman is expected to exceed 6.1 million by 2050.

Health tourism is believed to be one of the major reasons why Omanis travel outside the Sultanate. Based on statistics from the NCSI, the first half of 2015 saw the departure of over 2.5 Million outbound visitors of which 60 percent were Omani citizens. Among these, a substantial number left the country owing to medical reasons.

Abdul Samad Al Maskari, CEO of Al Madina Investment SAOG highlighted, "Given the exclusive nature of this project, we have been receiving a lot of interest from investors locally and within the GCC to participate in this healthcare opportunity. As we speak, we have local Islamic Banks and windows willing to fund this Hospital in a Shari'ah compliant manner".

At the press conference, the executives mentioned that it is a staunch belief at Al Madina Investment that the private sector plays a very significant role in supporting the Government's vision and efforts towards providing healthcare services that are world class and also accessible to the entire population within the Sultanate, and in the region. Through the introduction and launch of the Al Madina International Hospital, the Group is committed to providing healthcare provisions of international standards through private sector facilities backed by global expertise and a focus on accessibility.

With a solid team of highly qualified doctors and staff, and with a full understanding of the common health issues in the region, Al Madina Investment believes that through the integrated healthcare project such as this, the private sector can introduce innovation in healthcare, and help the Government meet rising demand for international quality health services in the country. Once completed, this complex in addition to the numerous medical cities sprouting across Wilayats within the Sultanate will help Oman's leap into super-specializations, reduce the number of Omanis for going treatments abroad, change the regional healthcare landscape, and position Oman as a formidable medical tourism hub.

Founded in 1998, Al Madina Investment SAOG was created with the intent of providing top-of-line investment banking services to meet the needs of the fast growing investment community in Oman and the GCC. With a clear cut mission and equipped with a highly qualified team of professionals, the Company is well placed in the financial services business, offering a wide spectrum of convenient services to its clients.

For more details on Al Madina Investment or the project, please visit www.almadina.com or get in touch at 2204 4000.

© Press Release 2015

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