UAE- NMC Health eyes more GCC acquisitions
Date
11/8/2017 5:12:42 PM
(MENAFN- Khaleej Times) NMC health is looking at more acquisitions in the GCC in order to strengthens its presence in the region.
"We are looking at opportunities that create more value to shareholders. We'll continue to expand our footprint in the region. There are areas for clinically unmet needs in the region. We will bring knowledge from the West to fulfill those needs," said Prasanth Manghat, CEO, NMC Health.
Replying to questions on acquisitions, he said there are a few in the pipeline.
The company announced in September it had acquired a multi-specialty hospital in each of the northwestern and southern regions of Saudi Arabia for $40 million. It also acquired a 60 per cent stake in a new 100-bed hospital in Najran, Saudi Arabia. The acquisition is expected to close later this year. The firm also acquired a 60-bed hospital in Ha'il, Saudi Arabia.
The UAE-based healthcare service provider's first-half 2017 net profits jumped 39 per cent to $97.8 million as compared to $70.5 million for the same period in the previous year.
Speaking on the sidelines of the UAE-India Economic Forum on Wednesday, Manghat said: "We are more focused on the UAE and GCC countries and continue to invest here. Saudi Arabia and Oman are a real focus for us and 30 per cent of our hospital beds are in Saudi Arabia."
Commenting on UAE-India ties, he said: "Today, the UAE-India relationship is not limited to trade but it has gone beyond to more strategic levels," he added.
India is considered to be the UAE's primary trade partner, accounting for about 9.8 per cent of its total non-oil trade. India is also the largest importer of goods from the UAE, buying about 14.9 per cent of that country's exports and about 8.7 per cent of its re-exports, becoming the UAE's second-largest market in the latter category.
Total volume of foreign trade between the two countries amounted to $60 billion in 2014, and is set to hit $100 billion in 2020.
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