By Andy Sambidge
Partnership is part of Ithmar's AED1bn commitment to GCC healthcare sector.
Ithmar Capital, a private equity firm, on Monday announced a partnership with Al Noor Medical Company as part of a EAD1bn commitment to the GCC healthcare sector.
The Ithmar-Al Noor partnership aims to support Al Noor’s future expansion via acquisitions, green-field development, public private partnerships and strategic equity investments, it said in a statement.
It said the aim was to create a regional healthcare services company 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. 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, added: “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.
"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.”
Al Noor currently operates three hospitals, three clinics and 10 pharmacies in Abu Dhabi and receives more than 1.2 million patient visits a year.