Abu Dhabi’s Mubadala Buys 60% Stake in UEMedical

Business

June 17th, 7:35am

Abu Dhabi - Asharq Al-Awsat

UEMedical owns and operates several hospitals and clinics in specialty sectors such as fertility and dermatology. (Asharq Al-Awsat)

Abu Dhabi’s Mubadala Investment Co. is enlarging its regional footprint in the healthcare sector with the purchase of a 60 percent stake in UEMedical, an operator of medical facilities in the United Arab Emirates and Saudi Arabia. UEMedical owns and operates several hospitals and clinics in specialty sectors such as fertility and dermatology. Through the acquisition, Mubadala Health adds Danat Al Emarat Hospital for Women & Children, the HealthPlus Network of Specialty Centers, and HealthPlus Fertility, the largest IVF provider in the region. It also adds Moorfields Eye Hospital Abu Dhabi and a stake in Al Meswak Dental Group to its network. The new services added to the Mubadala Health network include fertility & IVF, obstetrics, neonatology, and pediatric subspecialties. “Over the past decade, UEMedical has witnessed tremendous growth and success, operating facilities that have raised the bar in patient care across multiple specialties,” said Hasan Jasem Al Nowais, chief executive officer of Mubadala Health. “This acquisition enhances Mubadala Health’s network in the UAE and the wider GCC region,” he added. Ahmad Ali Al-Shorafa Al-Hammadi, managing director of UEG, said, as founders of UEMedical, the United Eastern Group were “proud of what UEMedical represents, and of our role in the evolution of the health sector through well-established accredited hospitals and clinics in various specialties.” He added: “While it is not easy to exit what we have built, I believe Mubadala Health provides the best ecosystem to allow it to flourish.” Managing Director and CEO of Jadwa Investment Tariq Al-Sudairy said the company acquired UEMedical in 2016 following an extensive assessment. “That assessment revealed high growth potential for specialized health services, especially in the women and children space,” he said. “We worked closely with the management team to realize the company’s ambitious growth strategy in the UAE and Saudi Arabia.” CEO of UEMedical Majd Abu Zant said the healthcare company was “delighted” to join Mubadala Health’s network.

from Asharq AL-awsat https://english.aawsat.com/home/article/3032216/abu-dhabi%E2%80%99s-mubadala-buys-60-stake-uemedical