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Announced plans to invest AED 1.1 billion for new acquisitions and expansion plans in the GCC
'AVIVO GROUP' set to become one of the largest 'Integrated Healthcare Services Providers' offering the highest quality standards and easy access to essential healthcare needs
Dubai - UAE - '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'.
During a press conference held at 'The Address hotel - Dubai Mall', 'Al Masah Capital Limited' revealed its plans to invest around AED 1.1 billion to support the growth and regional expansion of 'AVIVO GROUP' within the next two years. This investment will increase the number of healthcare facilities operating under the 'AVIVO GROUP' brand from 32 to 50 in the next two years. 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 to almost 2 million patients all over the GCC region.
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.
The rebranding comes as part of an overall strategy to position 'AVIVO GROUP' as one of the largest integrated healthcare services providers in the UAE 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, those sectors that positively touch people's lives.
"'Al Masah Capital Limited' 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. The 'AVIVO GROUP' is an integrated healthcare network that has the potential to become a leading name and one of the largest in the region," 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 market is projected to continue growing at an annual rate of 4.4% to hit USD 69.4 billion by 2020.
We strongly believe in the role that the private sector can play to support the governments' endless efforts and visions to provide healthcare services that are world class and also accessible to the entire population," Dash added.
Serving currently more than 1.3 million patients every year, 'AVIVO GROUP' owns and operates 32 healthcare assets. This includes 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 private sector has a key role to play in healthcare delivery. According to a research done by 'Al Masah Capital Limited', figures indicated that (64%) of healthcare expenditure in the UAE comes from the government, and only 5% of hospitals' beds are owned by the private sector. Between 2004 and 2013, the UAE was the most active regional market in terms of private equity healthcare deals.
"The opportunities are immense," said Amitava Ghosal, Executive Board Member and CEO of 'AVIVO GROUP'. "Healthcare spending in the UAE is among the highest in the region and continues to increase. Per capita, healthcare spends for the UAE are the second highest in the GCC, and grew at a consistent 8.1% CAGR between 2006 and 2011. As per a 2013 Bloomberg report, the UAE's healthcare system ranked 13 in the world, ahead of developed countries such as the UK, US, Canada, France and Germany. 'AVIVO GROUP's' plans dovetail with those of the regional governments, who are spending considerably on healthcare initiatives and want to attract world class facilities and operators to their countries."
Abu Dhabi and Dubai are leading the way in moving to a market-led system of healthcare where mandatory insurance schemes help residents in paying for medical care without government subsidies. Demand pressures are also driving UAE healthcare investment. As per the World Health Organization (WHO) statistics, 1 in 3 adults in the UAE suffers from obesity, and 1 out of 5 people lives with diabetes. Population increases, and the UAE's decision to promote itself as a hub for medical tourism, are also increasing demand for healthcare.
"'AVIVO GROUP' is committed to world class healthcare provision through private sector facilities backed by global expertise and a focus on accessibility. In the UAE, 'AVIVO GROUP' owns, and will further develop, a spectrum of healthcare options that offer patients excellent medical treatment. With a solid team of highly qualified doctors and staff, and with a full understanding of the common health issues in the region, 'AVIVO GROUP' believes that virtuous public private partnerships can introduce innovation in healthcare, and help governments meet rising demand for international quality health services.' said Ravi Dhir, President - Clinical Operations of 'AVIVO GROUP'.
'AVIVO GROUP' is set to enter Oman, Qatar, Saudi Arabia and South East Asia, with further details to be announced by the group on later stages. During the next two years, 'AVIVO GROUP' will be present in 5 of the 6 Gulf countries.
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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.
About Al Masah Capital Limited:
'Al Masah Capital Limited' is one of the region's leading alternative investment and asset management firms. It was established in 2010 to offer investment management expertise and alternative investment opportunities across the MENA region. Under the expertise of its Founder and CEO, Mr. Shailesh Dash - who is considered one of the region's most prolific and successful private equity investors - 'Al Masah Capital Limited' has proved itself a robust vehicle for generating sustainable returns generated via high performing alternative assets. Al Masah Capital Limited's investment philosophy involves the creation of investor value by focusing on sectors that are socially relevant and benefit society, governments and a variety of other stakeholders. The firm is actively investing in education, healthcare and F&B, and also holds a strong portfolio of investment streams in the logistics industry. As an asset management and alternative investments expert, 'Al Masah Capital Limited' is set apart by its understanding of regional market dynamics, which allows it to identify, and take advantage of, sustainable opportunities within sectors demonstrating latent demand. 'Al Masah Capital Limited' operates one of the region's best performing private equity funds.
© Press Release 2015
