JEDDAH, 15 May 2006 — BMG Financial Advisors announced yesterday the start of its roadshow inviting key investors to The Dubai Wellness Center (DWC) project. This unique project, a WorldCare Wellness International initiative in partnership with Duke University Health System (Duke) and Partners HealthCare System (Partners), will offer the region the most advanced medical and scientific based wellness programs in the world, designed and developed by the world renowned Duke Diet and Fitness Center (DFC) in the United States, over the last 37 years. The Dubai Wellness Center will include a 300-room five-star hotel, and a highly advanced screening center incorporating physical, medical and state of the art genetic testing technology.
The DWC programs will be based on intensive physical, medical, and genetic screenings, custom designed diet and exercise programs, and education programs to identify each participant’s needs. The center will include three healthy food gourmet restaurants, swimming pools as well as zero gravity pools, and other features that will place it as a leading wellness center attracting clients from the region as well as from Europe and Asia.
Partners, made up of the largest Harvard Medical School teaching hospitals, in addition to Duke, will provide the medical expertise for the screening center through their link-up with the WorldCare Telemedicine Network. Specifically, DFC will be linked directly to the center, and will provide program recommendations to each client.
“The cost of the center is budgeted at AED1.1 billion,” Samer Salam, senior member of the investment banking team at BMG, said during a press conference in Four Seasons Hotel in Riyadh yesterday. “The founders’ tranche is slated at AED300 million with shares offered at AED1 per share. The remaining financing will be raised as a combination of debt and equity in October this year. We have seen strong initial interest from our network of investors, and foresee a quick and oversubscribed placement process,” he added.
“I am delighted that we were able to mobilize the international expertise to launch this project. BMG’s active participation in structuring this financing has been instrumental in enabling this project to fit with local and regional investors’ perspectives and criteria”, said Nasser Menhall CEO of WorldCare Limited.
Basil Al-Ghalayini, CEO of BMG, told Arab News that the project comes at a time when the GCC investor is looking for solid, feasible and profitable investment opportunities to diversify their exposure to the volatile public markets in the region. “I am pleased to be able to help bring to our region the combination of this advanced expertise and to position it in the thriving Dubai market. I am confident this project will prove to be valuable to its clients, our investors and the region,” Al-Ghalayini said.