By Andy Sambidge
Private equity firm announces partnership to enhance quality and accessibility of healthcare in Egypt, Tunisia
Dubai-based private equity firm Abraaj Group on Monday announced the formation of the North Africa Hospital Holdings Group (NAHHG), a new investment platform to enhance the quality and accessibility of healthcare in Egypt and Tunisia.
In partnership with the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions-und Entwickungsgesellschaft mbH (DEG), and the Société de Promotion et de Participation pour la Coopération Economique (Proparco), the group will invest a total of $200 million.
The EBRD is making an equity investment of $25 million, DEG and Proparco are providing $15 million each, while The Abraaj Group, with $145 million, will be the main investor in the healthcare investment platform.
In addition to addressing supply shortages, NAHHG will use its platform and resources to improve service quality, enhance operational efficiency, invest in the latest medical technology and apply the best global health care practices to local markets, a statement said.
The NAHHG platform encompasses four hospitals to date - Cleopatra Hospital and Cairo Medical Centre in Egypt, and Clinic Taoufik and Clinic La Soukra in Tunisia.
Development and upgrade projects are already underway in these hospitals, the statement added.
Ahmed Badreldin, partner and head of Middle East and North Africa at The Abraaj Group, said: "Our investment in the North Africa Hospital Holdings Group is based on our capacity to bring our deep global experience in healthcare to markets that need and stand to benefit the most from them."
The Abraaj Group said it employs over 300 people and currently manages about $7.5 billion across more than 20 regional, sector and country-specific funds.For all the latest banking and finance 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.