LONDON: NMC Health, the UAE-based hospital operator, has snapped up two more businesses for more than $200 million as it targets growth in Saudi Arabia.
The company has acquired a 70 percent stake in CosmeSurge, a chain of 17 cosmetic clinics, and at the same time has taken an 80 percent stake in the Riyadh-based Al Salam Medical Group.
The Saudi acquisition adds a 100-bed hospital and two clinics in Riyadh to the NMC portfolio.
NMC said it paid $170 million for the CosmeSurge stake and invested a further $37 million in its Al Salam Medical Group investment in addition to a deferred sum based on its business performance after one year.
“Al Salam further extends our geographic footprint in the KSA, cementing our leading position as a non-domiciled provider,” said NMC CEO Prasanth Manghat. “Saudi Arabia remains a key focus market for us and despite already reaching 800 beds across existing and under-construction assets in the country, we continue to see strong growth opportunities in the Kingdom.”
NMC also said it had expanded its operation and management contracts in Egypt.
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