NMC Health Expands in Saudi Arabia, Adds Plastic Surgery Business
NMC Health, the UAE-based hospital operator, has snapped up two more businesses for more than $200 million as it targets growth in Saudi Arabia.
The company has acquired a 70 percent stake in CosmeSurge, a chain of 17 cosmetic clinics, and at the same time has taken an 80 percent stake in the Riyadh-based Al Salam Medical Group.
The Saudi acquisition adds a 100-bed hospital and two clinics in Riyadh to the NMC portfolio.
NMC said it paid $170 million for the CosmeSurge stake and invested a further $37 million in its Al Salam Medical Group investment in addition to a deferred sum based on its business performance after one year.
“Al Salam further extends our geographic footprint in the KSA, cementing our leading position as a non-domiciled provider,” said NMC CEO Prasanth Manghat. “Saudi Arabia remains a key focus market for us and despite already reaching 800 beds across existing and under-construction assets in the country, we continue to see strong growth opportunities in the Kingdom.”
NMC also said it had expanded its operation and management contracts in Egypt.
Source: Arab News
NMC Healthcare is the largest private healthcare company in the UAE and ranks amongst the leading fertility service providers in the world. Over the last forty three years, NMC has earned the trust of millions, thanks to its personalized care, genuine concern and a sincere commitment to the overall well-being of the patient.
NMC was the first company from Abu Dhabi to list on the London Stock Exchange and is now part of the premium FTSE 100 Index, an elite club of top 100 blue-chip companies by market cap. NMC's strategic acquisitions coupled with its legacy institutions have allowed us to fill the service gap in our healthcare delivery system and offer a continuum of care to patients