ACWA Power Khalladi opens capital to SAHAM

The Khalladi wind farm is located at Jbel Sendouq, 30 kilometers from Tangiers in Morocco.
Updated 11 March 2019
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ACWA Power Khalladi opens capital to SAHAM

ACWA Power Khalladi has announced SAHAM Assurances as a new shareholder that will hold 24 percent of the capital and will sit on the board of directors. 

Paddy Padmanathan, president and CEO of ACWA Power, said: “Bringing SAHAM into this asset as a shareholder is very much within our commitment to share our investments with credible value-adding local partners as we recognize the value of energizing the economic development of the countries in which we invest.”

ACWA Power will continue to have a controlling stake of 51 percent and will be in charge of the operations and maintenance through its affiliate NOMAC.

Inaugurated in June 2018, the Khalladi wind farm, developed by ACWA Power in collaboration with ARIF investment fund, is located at Jbel Sendouq, 30 kilometers from Tangiers in Morocco, and represents an investment of 1.7 billion dirhams ($170 million). 

This entirely privately funded investment was financed with equity from ACWA Power and ARIF, and with debt from the European Bank for Reconstruction and Development (EBRD) in collaboration with the Clean Technology Fund (CTF), and the Moroccan BMCE Bank of Africa (BMCE). 

Rajit Nanda, chief investment officer of ACWA Power, said: “SAHAM adds to the institutionalization of the shareholding structure of our assets in Morocco.”


CMRC admits first patients to new Saudi clinic

Updated 5 min 16 sec ago
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CMRC admits first patients to new Saudi clinic

Cambridge Medical and Rehabilitation Center (CMRC), a top post-acute rehabilitation and long-term care facility in the UAE, has admitted 15 patients to its first medical facility in Saudi Arabia. 

CMRC’s new 60-bed clinic, located between Dhahran and Alkhobar, aims to help patients requiring post-acute care and rehabilitation services to make large improvements in their quality of life through multidisciplinary rehabilitative therapies including physiatry, physiotherapy, occupational therapy, speech and language therapy, and multi-sensory room sessions. 

The facility is staffed by multiple clinical experts including GPs, internal medicine consultants, pediatricians, ICU intensivists, rehabilitation consultants, psychologists and therapists, and will service patients across the eastern region of Saudi Arabia. 

It follows the same clinical procedures and protocols successfully implemented in facilities in the UAE, similarly benefiting from the center’s international partnership with the Spaulding Rehabilitation Network, a teaching affiliate of Harvard Medical School, and accreditations from Joint Commission International, CARF and Planetree.

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CMRC, a portfolio company of health care specialist investor TVM Capital Healthcare, also operates facilities in Abu Dhabi and Al-Ain in the UAE.

CMRC Group CEO Dr. Howard S. Podolsky said: “We expand into countries where there is notable demand for post-acute care and rehabilitation services. Like many countries around the world, Saudi Arabia is experiencing a rise in the incidence of non-communicable diseases, birth defects, and life-threatening injuries. Our new facility brings our world-class medical treatment, care, and rehabilitation therapies to the Kingdom through a truly patient-centric approach.”

He added: “We look forward to helping families in the region improve their quality of life and using our international expertise and specialized workforce to support the government of Saudi Arabia’s focus on health care development, as part of Saudi Vision 2030.” 

CMRC, a portfolio company of health care specialist investor TVM Capital Healthcare, also operates facilities in Abu Dhabi and Al-Ain in the UAE.

Dr. Helmut Schuehsler, CEO of TVM Capital Healthcare and board member of CMRC, said: “We believe that private equity investment should be a force for good, and that by working in health care, we have a real opportunity to make a difference to patients’ lives. Therefore, we conceptualized and invested in CMRC in the UAE to cater to those in need of post-acute care and an elevated level of rehabilitation. CMRC grew to be the leading post-acute care and rehabilitation provider in the UAE. We are very happy to bring the offer to the people of Saudi Arabia now.”

CMRC offers both inpatient services at its medical centers and outpatient therapy, where patients follow a rehabilitation program after discharge. The company employs more than 500 staff members across all facilities.