The UAE’s largest private healthcare provider boasts over 135 facilities across ten countries and treats more than 8.5 million patients a year. NMC Healthcare, which was the first company from the GCC to list on the London Stock Exchange, today has a market cap nearing $9.5bn. The force behind the healthcare giant is Indian-born billionaire BR Shetty, who is also the founder and chairman of a number of financial services brands including Exchange, Travelex and Xpress Money. In October 2018, NMC Healthcare and Hassana Investment Company, the investment arm of Saudi Arabia’s General Organisation for Social Insurance (GoSI), signed an MoU to form a network of medical facilities across the kingdom.
The joint venture will have a network with a capacity of 3,000 beds, and targets a total investment of up to $1.6bn. It also aims to employ up to 10,000 employees, including full and part-time employees. In the same month, UAE-based NMC announced an upgrade in projected revenue growth during 2018, from 22 percent to 24 percent. It attributed the increase to what it described as “positive developments in the second half of 2018”. It had seen a 20 percent rise in revenues in the first half of 2018 to $932 million, as well as a 32.1 percent increase in earnings (EBITDA) to $225.5 million for the first six months of the year. NMC is also planning to become the largest healthcare provider in Oman through expansion and new investment which will provide access to the nation’s 4.4 million citizens.