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.


Ghosn appeals against Japan bail rejection

Updated 54 min 56 sec ago
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Ghosn appeals against Japan bail rejection

  • The court has previously refused to release Ghosn on the grounds that he could present a flight risk and destroy evidence
  • If the bail appeal is turned down he faces at least a two-month period in pre-trial detention

TOKYO: Lawyers for former Nissan boss Carlos Ghosn on Thursday appealed against a decision by a Tokyo court to refuse him bail, as he faces charges on three counts of financial misconduct.
Since his stunning arrest on November 19 the auto tycoon has languished in a Tokyo detention centre, facing questioning over allegations he under-reported his salary and tried to shift personal losses onto the company.
On January 11 he was formally charged on two of the counts and his request for bail refused again. Even his own lawyer has admitted he is likely to be kept behind bars until a trial -- which could take six months.
The court has previously refused to release the 64-year-old Franco-Lebanese-Brazilian businessman on the grounds that he could present a flight risk and destroy evidence.
The appeal came as the French government called for him to be replaced at the head of Renault, the only one of the three companies he used to head that has retained him.
Japanese firms Nissan and Mitsubishi Motors jettisoned him as boss almost immediately after his arrest, but Renault was more cautious and appointed an interim leader while Ghosn fought the charges.
If the bail appeal is turned down he faces at least a two-month period in pre-trial detention. This can be extended almost automatically by one month at a time.
His wife Carole has appealed to Human Rights Watch over his detention, saying he was being held in "harsh" conditions and subjected to round-the-clock interrogations in an attempt to extract a confession.
Ghosn has been seen only once in public since his detention, in a dramatic court appearance.
He had clearly lost a lot of weight but seemed otherwise in good health. He passionately proclaimed his innocence and his love for Nissan, a company he is widely credited with saving from the brink of bankruptcy.
"I have been wrongly accused and unfairly detained based on meritless and unsubstantiated accusations," Ghosn told a packed courtroom.