RIYADH: The UAE-based NMC Health has exited Saudi operations as it sold its 53 percent stake in Saudi Medical Care Group, it said in a statement.
The group expects the transaction to be completed during the second half of 2022, subject to regulatory approvals.
“The successful sale of NMC’s last substantial non-core international asset represents an important milestone as we take the final steps to exit the administration process as NMC emerges as a robust, focused, profitable, customer-centric business,” said CEO Michael Davis.
Back in 2019, NMC formed a joint venture in Saudi Arabia comprising five hospital assets and a cash injection to acquire a stake in Saudi Medical Care Group.
The privately-held Saudi healthcare provider’s portfolio currently includes seven hospitals and three clinics across the Kingdom.
