11 January 2017
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.
Saudi Arabia's National Transformation Plan (NTP), announced in June 2016, aims to increase the share of private sector investment in healthcare from current 25 percent to 35 percent by 2020. Examples of this include Amanat's acquisition of a 33.2 percent stake in the Saudi long-term care provider Sukoon International Holding for 179.2 million riyals ($47.78 million) in 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.
© Zawya Projects News 2017