Ithmar Capital partners with Al Noor Medical Company

Published June 14th, 2010 - 10:18 GMT

Ithmar Capital, a leading private equity firm in the GCC region with over AED2.4 billion of assets under management, today announced a strategic equity partnership with Al Noor Medical Company, the leading private integrated healthcare operator in Abu Dhabi. This partnership forms the first investment of the AED1 billion commitment Ithmar has made to the healthcare sector in the region and positions Ithmar as one of the leading investors in the development of regional healthcare services.

With more than 25 years experience in the field of healthcare provision, Al Noor operates three hospitals, three clinics and ten pharmacies in Abu Dhabi and receives over 1.2 million patient visits annually. The Ithmar-Al Noor partnership will be a springboard for Al Noor's future expansion via acquisitions, green-field development, public private partnerships and strategic equity investments. The aim is to create a regional healthcare services company through a combination of organic growth initiatives and targeted strategic acquisitions to meet the growing demand for healthcare services in the GCC, a sector estimated to have attracted over AED65.8 billion in investments. According to industry research, the UAE will need an additional 15,698 hospital beds along with 31,396 nurses and physicians by 2050 to maintain the level of healthcare provision to residents.

Dr Kassem Aloam, Managing Director and founding shareholder of Al Noor said: "We are pleased to enter an exciting new phase of development with Ithmar. They share our vision of building a leading healthcare company with a concentrated focus on quality and bring in proven expertise in corporate strategy, corporate finance and governance as well as experience in the healthcare sector. This partnership supports us in fulfilling our mission to provide world class healthcare services in the region."

Faisal Bin Juma Belhoul, Founder and Managing Partner of Ithmar Capital, said: "Al Noor has demonstrated sustainable growth and an impressive track record. The region is expected to witness considerable rise in per capita health care requirements and the undersupplied, non-cyclical and high-growth potential of the healthcare industry renders it an attractive sector. Al Noor is well-poised to capitalize on this demand through its quality healthcare offering in the UAE, its robust business model and superb medical infrastructure and staff. Our goal is to facilitate the long-term expansion of Al Noor's healthcare services in geographies where the existing supply of high-quality medical services is insufficient. We look forward to working with their management team to take the business into the next phase of growth."

Ithmar will invest in Al Noor's well-managed, reputed and profitable healthcare services business and help it stay at the forefront of developing and providing services to meet emerging demand of a growing and ageing population and a rise in chronic 'lifestyle' diseases. It will also help capture share of healthcare locally and that sought abroad by investing in human capital, information systems and medical equipment to drive efficiency and reduce cost of delivery. Acquisitions and management contracts via public-private partnerships (PPP) will be explored to further drive costs down by leveraging scale. 


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