NMC Health expands into KSA

B. R. Shetty
Updated 29 August 2016
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NMC Health expands into KSA

ABU DHABI: NMC Health said it had expanded into Saudi Arabia through an investment and an acquisition, the first foray into the wider Gulf for the UAE-based health care provider.
This enabled it to raise its guidance for 2017 group EBITDA (earnings before interest, tax, depreciation and amortization) to $300 million from the previously-disclosed $290 million, NMC said in a statement.
NMC, along with other companies, is tapping into substantial growth in the sector as the Gulf’s increasingly wealthy population becomes more susceptible to lifestyle diseases such as diabetes.
It has taken a majority stake in a new 120-bed hospital in Jeddah by putting $4 million of equity into the operating company.
NMC will also provide a $9 million two-year loan to its subsidiary Provita, which will manage the business. It has also acquired a 70 percent stake in As-Salama Hospital in the Kingdom’s Eastern Province for $28 million, adding 140 beds to its total count.
“This represents another major advance toward our objective of developing a regional leader in the field of specialist long-term care,” said B. R. Shetty, CEO of NMC.
As well as plans to revamp the existing facilities at Alkhobar-based As-Salama, NMC said its strategy includes possible investment and expansion in the central region of Saudi, which includes the capital, Riyadh.
The London-listed firm now has 1,135 operational beds across its network, which is primarily in the UAE but also includes Spanish fertility firm Clinica Eugin.
It generated EBITDA of $115.9 million in the first half of 2016, up 68.2 percent over same period of last year.


Russian and Egyptian presidents meet to boost trade

Updated 9 min 34 sec ago
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Russian and Egyptian presidents meet to boost trade

  • The two leaders have developed a close personal rapport and are seeking to expand bilateral ties

MOSCOW: Russian President Vladimir Putin is hosting his Egyptian counterpart Abdel-Fattah El-Sisi for talks focusing on ways to boost trade between the two nations.
The two leaders have developed a close personal rapport and are seeking to expand bilateral ties, which have strengthened considerably over the past few years.
Opening Wednesday’s talks in the Black Sea resort of Sochi, Putin said that bilateral trade rose by 62 percent last year.
El-Sisi called on Russia to resume direct flights to Egyptian resorts, which Moscow suspended after a bomb planted by the Daesh group brought a Russian passenger plane down over Sinai in October 2015, killing all 224 people on board.
El-Sisi is on his fourth trip to Russia since taking office in 2014, and Putin visited Egypt in 2015 and 2017.