RIYADH: Faisal Belhoul, a Dubai-based investments professional and entrepreneur launches a $250 million iGan Arabia regional fund in partnership with iGan Partners, a Canadian healthcare technology investors, according to a statement.
The first of its kind fund’s — as the statement claimed — main target is to drive MedTech innovation across the Middle East and North Africa region by improving patient outcomes and reducing healthcare cost through investing in AI/Cloud-enhanced medical devices as well as digital health technologies.
iGan Arabia will help set the GCC area as an established edMedTech hub that will create thousands of new jobs and add value to the economy, Belhoul said in the statement.
“Through iGan Arabia we aim to invest in start-ups and other healthcare companies, especially in the GCC, and help them evolve as the best-in-class,” Belhoul added.
While many countries across the MENA region faced severe strain on their healthcare systems due to COVID, healthcare spending in the region is expected to grow to $89 billion in 2022, according to a separate report by KPMG.
iGan Partners identified several sectors where the company has built-in expertise including Digital Health, Connected Medical Devices, Healthcare IT and Artificial Intelligence.
“We see the GCC as a rapidly transformative region, particularly in the healthcare sector. We are looking forward to working with local investors, healthcare groups and government agencies in establishing the UAE as a leading healthcare innovation hub.” Sam Ifergan, founder & CEO of iGan Partners said in a statement.