NMC partnership to create new healthcare platform in Saudi Arabia

United Arab Emirates, June 12, 2018

NMC Health plc, a leading private healthcare operator in the UAE, has announced the signing of a non-binding agreement to form a joint venture healthcare platform with Hassana Investment Company, the investment arm of the General Organisation for Social Insurance (GOSI), which is the largest pension fund in Saudi Arabia.

The proposed joint venture would create one of the largest private healthcare platforms operating in KSA today. The venture would have a strategically unique position in the country, with a strong foothold in Riyadh, the single largest healthcare market in KSA, as well as in multiple smaller, underserved cities. The enlarged organisation is expected to benefit from economies of scale, allowing more efficient deployment of capital, increasing patient choice and optimising returns across multiple assets.

Prasanth Manghat, Chief Executive Officer of NMC, said, 'We identified KSA as a key strategic priority for NMC and the proposed partnership between NMC and GOSI/Hassana would offer a tremendous opportunity for both the companies to better serve the KSA healthcare market. The Saudi government’s forward looking and investor friendly policies make the Kingdom one of the most attractive destinations in the region for investment in the healthcare sector.'

Saad bin Abdulmohsen Al-Fadly, Chief Executive Officer of Hassana, said, 'The proposed partnership between Hassana and NMC is driven by our view that healthcare in Saudi Arabia is one of the most attractive markets for strong long-term growth. The proposed joint venture has ambitious growth plans across different healthcare sub-sectors, with both partners committed to compounding returns over the longterm, whilst providing best-of-class services to patients.'

wam