London-listed NMC Healthcare and Hassana Investment Company, the investment arm of Saudi Arabia’s General Organisation for Social Insurance (GoSI), have signed an MoU that aims to form a network of medical facilities across the kingdom, it was announced on Thursday.
The joint venture will have eventually have a network with a capacity of 3,000 beds. The MoU targets a total investment of up to SAR 6 billion ($1.6 billion) and aims to employ up to 10,000 employees, including full and part-time employees.
At its inception, the proposed JV will become one of the largest private healthcare providers in the kingdom, with a combine capacity of 1,489 beds, 664 of which will be in five NMC facilities and 825 in two National Medical Care facilities.
“We identified the kingdom of Saudi Arabia as a key strategic priority for NMC and the proposed partnership between NMC and Hassana would offer a tremendous opportunity for both companies to better serve the KSA healthcare market,” said NMC CEO Prasanth Manghat.
Manghat added that “the Saudi government’s forward-looking and investor-friendly policies make the kingdom one of the most attractive destinations in the region for investment in the healthcare sector.”
Hassaa CEO Saad bin Abdulmohsin Alfadly remarked that the proposed JV “has ambitious growth plans across different healthcare sub-sectors.”
“Hassana’s strong commitment to the sector, particularly in the form of strategic investments, remains a vital means of attracting and developing healthcare expertise in the country,” he added.
The formation of the proposed JV is subject to regulatory approvals and signing of definitive agreements after completion of necessary due diligence by both NMC and Hassana, the companies said in a statement.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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