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Tue 31 Jul 2018 02:13 PM

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UAE retail giant completes sale of two clinics in Dubai malls

Majid Al Futtaim offloads City Centre Clinics to Mediclinic Middle East, according to law firm Clyde & Co who acted as advisors on the deal

UAE retail giant completes sale of two clinics in Dubai malls

UAE-based retail giant Majid Al Futtaim has sold two of its City Centre Clinics to Mediclinic Middle East (Mediclinic), according to law firm Clyde & Co who acted as advisors on the deal.

Mediclinic has acquired City Centre Clinic Deira, a large outpatient facility which opened in 2013 with two day-care surgery theatres and 18 medical disciplines, and City Centre Clinic Me’aisem, a smaller community clinic focusing on six core disciplines.

Mediclinic operates six hospitals and 23 clinics in the UAE.

Clyde & Co said it advised on the preparation and negotiation of the transaction documents, as well as on UAE healthcare regulatory matters.

Naji Hawayek, corporate partner at Clyde & Co in Dubai, said: "The UAE is the fastest growing healthcare market in the region and as Dubai aims to become a global healthcare hub offering access to the highest medical service standards, we expect to see similar transactions and further growth in this sector in the next three to four years."

Mediclinic said previously that the clinics’ strategic geographic locations will refer higher acuity inpatient cases to existing Mediclinic hospitals and the forthcoming Mediclinic Parkview Hospital.

It added that significant potential also exists to attract additional doctors and over time to grow patient volumes and revenues.

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