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Ithmar kicks off AED1bn healthcare buy-and-build plan Ithmar kicks off AED1bn healthcare buy-and-build plan

15 Jun 2010. Source: AltAssets
Ithmar Capital, a private equity firm investing in the Gulf, has taken the first step in rolling out an AED1bn ($272.3m) healthcare buy-and-build plan in the region.

The firm has backed Al Noor Medical Company, an integrated healthcare operator in Abu Dhabi, with an undisclosed sum.

Al Noor operates three hospitals, three clinics and ten pharmacies in Abu Dhabi and receives over 1.2 million patient visits annually.  

The aim is to create a regional healthcare services company through a combination of organic growth initiatives and targeted strategic acquisitions to meet the growing demand for healthcare services in the Gulf Cooperation Council, a sector estimated to have attracted over AED65.8bn ($17.9bn) in investments. According to Ithmar, 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.

Public-private partnerships are likely to be pursued to leverage scale and drive down the costs of acquisitions and management contracts.

Ithmar has AED2.4bn ($653.4m) under management.

Copyright © 2010 AltAssets

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