Injazat Capital, the Middle East’s leading Shari'a compliant investment house has announced that an agreement between Dubai’s Dawee Medical Company and the Victorian Healthcare Association (VHA) to jointly establish the Middle East and North Africa (MENA) region’s first private healthcare management company.
The agreement being signed today at the Emirates Towers in Dubai in the presence of the Honourable Bronwyn Pike, Minister of Health and Member of the Parliament from the Australian State of Victoria, Mr. Don Kay, Health Sector Advisor from VHA, Mr. Hussein Rifai, Managing Director, Injazat Capital and Dr. Mohammad Bahabri, Chief Executive Officer of Dawee Medical Company.
Hussein Rifai, Managing Director, Injazat Capital said: “This important tie-up between Dawee Medical Company and VHA will facilitate building of a pioneering healthcare network, offering world-class facilities at affordable prices across the region. The participation of an internationally renowned healthcare entity such as VHA confirms the growing interest from major investors in the MENA region’s emerging healthcare sector.”
“The venture will enable Dawee Medical Company to achieve its goal of introducing innovative services and improving the quality of the regional healthcare sector by using VHA’s services in health planning and consultancy, commissioning management, medical equipping and operational management,” Rifai added.
“This tie-up will also help Injazat Capital to effectively and efficiently integrate and manage the portfolio of healthcare facilities under the recently launched Shefa Healthcare Fund,” Rifai said. Injazat Capital is a major shareholder in Dawee Medical Company, which in turn has signed an agreement with Al Shefa Fund to set up the new management firm.
Under the agreement, Dawee Medical Company will offer quality healthcare facilities at reduced rates by sharing services and qualified human resources. The deal will also facilitate standardisation of medical services by maximising process integration, which ensures that different locals provide the same user experience, and by practising evidence based medicine.
Customers will benefit, as regardless of location, patient medical records will be always available through electronic filing, will be accessible through the Internet and service costs will be reduced by eliminating test redundancy. The agreement will also allow strong positioning with insurance providers and promote medical technology-oriented or enabled centres by continually adding cutting edge high profile medical technologies to the network.
The modular practices followed by the network will allow centres to join efforts, build a large knowledge base and intellectual property, thus attracting international investment and building a strong team capable of competing in the international healthcare market. Through the agreement, countries in the MENA region will be able to benefit from VHA’s international medical expertise, best practices, breakthrough technologies and innovative processes that will allow citizens and residents to enjoy world class, efficient and affordable healthcare services.
Local health authorities will also be able to access reputed institutions ranging from tertiary level teaching hospitals, regional and rural based hospitals and aged care and community health services and health related education, training and research institutions, that form part of the VHA network.
VHA, which has undertaken several assignments in various countries in the region, will share its technical knowledge base with Dawee Medical Company, combining extensive complementary research and development efforts with efficient commercialisation of managerial and technical processes to build on lessons learned in the region and elsewhere and thus contribute to the development of regional human capital.
VHA and VHA Global:
VHA Global is an alliance formed between the Victorian Healthcare Association Ltd and United Medical Group Australia Pty Ltd. Victorian Healthcare Association (VHA) is the summit body for all government hospitals and community health services in Victoria, Australia, and through its membership of the Australian Healthcare Association provides a conduit to capabilities in other states of Australia 1998.
VHA Global’s mission is to apply and adapt Victorian public health sector expertise and technology into the international health care arena and assist with solutions in the design, delivery and evaluation of health services. Healthcare is the core business of VHA Global and it specializes in health planning and consultancy, commissioning management, medical equipping (clinical technology management) and operational management. VHA Global can provide access to expertise from world-class institutions ranging from tertiary level teaching hospitals, regional and rural based hospitals and aged care and community health services and health related education, training and research institutions.
Injazat Capital & Shefa HealthCare Fund:
Injazat Capital is a leading Private Equity Investment and Corporate Advisory firm in the MENA region. Since its inception, Injazat has played an active role in the development of the MENA region by investing in and advising promising companies. Injazat operates in compliance with Shari’a principles and were the first to offer an Islamic Venture Capital Fund worldwide. Injazat Capital has established itself as one of the most active participants and successful firms in the industry throughout the MENA region.
Sheaf HealthCare Fund is a USD 100 million fund investing in healthcare providers and ancillary services in the MENA region, with the objective of creating industry dominant health groups(s) with regional reach.
Dawee Medical:
Dawee Medical is the first healthcare management firm specializing in consulting and management of private healthcare facilities in the MENA region. It was established recently by healthcare professionals from different sectors such as Medical, Dental, Pharmaceuticals and Finance, with wide experience and unique strategic relations in the industry and an impressive track record in the MENA region.
The Dawee Medical management team has been working on developing a number of health services and health services operating models targeted at the region. Dawee Medical looks forward to playing an important role in the development of detailed business and operational models, staffing and in the launch of operations over the next two years.
