Company Insights NMC Health Health NMC Health Overview NMC Healthcare is a healthcare chain and distribution business in the United Arab Emirates (UAE). The company has headquarters in Abu Dhabi and branch offices in Dubai, Ajman, Al Ain and Northern Emirates. NMC Healthcare serves about 5.4 million patients annually through its large network of 11 hospitals, 54 community clinics and specialty care centres and 1,400 in-patient hospital beds. NMC Healthcare was founded by BR Shetty in 1974 as the New Medical Centre in Abu Dhabi. It is one of the largest private healthcare networks in the United Arab Emirates and the third largest in Oman. NMC Healthcare, which used to be listed in London, ran into trouble in 2020. It went into administration after it disclosed more than $4 billion in hidden debt. Administrators filed a $4 billion lawsuit in July 2023 against BR Shetty and its former chief executive related to these allegations. In March 2022, the core operations of NMC Healthcare Group exited administration in the UAE, creating a new holding company. Following legal approvals, 34 NMC operating companies completed a “deed of company arrangement” restructuring process under the auspices of Abu Dhabi Global Market and are now subsidiaries of a new company, NMC OpCo Ltd. In March 2024 NMC reached an out-of-court settlement with Dubai Islamic Bank, ending a long-running legal dispute with the lender. NMC Health News Health BR Shetty ordered to pay $106m to Indian bank BR Shetty, the founder of UAE company NMC Health, has been ordered by a Dubai court to pay $106 million to India’s Icici Bank over personal guarantees tied to the embattled hospital group. This marks a second court ruling made public so far this month. Earlier this month, Shetty was ordered to pay $33 million […] February 20, 2025 Health NMC confirms no buyers so far have matched valuation The UAE’s troubled hospital operator NMC Healthcare confirmed that it has no buyers yet for the company, with differences around valuation cited as one of the reasons. Earlier this week, two people familiar with discussions around a possible sale said that Abu Dhabi-based PureHealth Holding, the UAE’s biggest healthcare group by number of facilities, had […] February 13, 2025 Health NMC founder BR Shetty ordered to pay $33m to Indian bank BR Shetty, the founder of the UAE healthcare company NMC Health, which collapsed in 2020 with billions of dollars in hidden debt, has been ordered by a Dubai court to pay more than $33 million to an Indian bank. In a ruling made public only last month, the Dubai International Financial Centre Courts in November […] February 10, 2025 Health PureHealth in talks to buy hospital operator NMC PureHealth Holding, the UAE’s largest healthcare group, is in discussions to acquire the UAE hospital operator NMC Healthcare, sources familiar with the matter say. A deal, if finalised, could be announced before the first half of 2025, sources told AGBI, speaking on condition of anonymity. Other potential bidders had explored the opportunity but were not […] November 15, 2024 Analysis Health Affordable healthcare in the GCC: a prescription for profit The GCC’s affordable healthcare market is ripe for investment, research suggests, as patients are forced to travel to India, Thailand or Egypt to find cheap treatment. Low-income inhabitants make up about 38 percent of the Gulf’s total population, according to Mansoor Ahmed, executive director for healthcare at Colliers Middle East in Dubai. The proportion ranges […] July 10, 2024 People & Lifestyle NMC Healthcare weighs IPO among strategic options The UAE hospital group NMC Healthcare has appointed Rothschild & Co as its first financial adviser, to review strategic options for its future, including a sale or initial public offering. The second financial adviser will be appointed in due course. The Abu Dhabi-headquartered healthcare provider completed its restructuring in March 2022, which included appointing a […] June 13, 2024 Health NMC and Dubai Islamic Bank end legal dispute NMC Healthcare has reached an out-of-court settlement with Dubai Islamic Bank, ending the long-running legal dispute between the two businesses. The healthcare operator had borrowed around $400 million from DIB, which is the largest Islamic bank in the UAE. The loan used collateral known as insurance receivables, which are payments by insurance companies for medical […] March 19, 2024 Health NMC Health censured by UK financial authority UAE healthcare operator NMC has been censured by the UK Financial Conduct Authority (FCA) for misleading the market to the tune of $4 billion. Founded by Indian businessman BR Shetty in the mid-1970s, NMC ran into difficulties after short-seller Muddy Waters called into question its financial reporting and doubts emerged over the size of stakes […] November 17, 2023 Health NMC Healthcare founder BR Shetty faces $4bn lawsuit Administrators have filed a $4 billion lawsuit against the founder of NMC Healthcare BR Shetty and its former chief executive, related to allegations of fraud which led to its demise in 2020. Legal claims have been made in the UK and Abu Dhabi centred around Shetty, Prasanth Manghat and the Bank of Baroda, as reported […] July 12, 2023 Analysis Banking & Finance NMC scandal is watershed moment for UAE businesses Revelations about the scale of hidden debts spark debate in the UAE about the need for more rigorous bank loan checks and company auditing The ongoing legal battles surrounding the NMC Healthcare, the largest private healthcare provider in the United Arab Emirates (UAE), has been a big learning curve for how businesses manage their financial […] May 19, 2022 Posts navigation
Health BR Shetty ordered to pay $106m to Indian bank BR Shetty, the founder of UAE company NMC Health, has been ordered by a Dubai court to pay $106 million to India’s Icici Bank over personal guarantees tied to the embattled hospital group. This marks a second court ruling made public so far this month. Earlier this month, Shetty was ordered to pay $33 million […] February 20, 2025
Health NMC confirms no buyers so far have matched valuation The UAE’s troubled hospital operator NMC Healthcare confirmed that it has no buyers yet for the company, with differences around valuation cited as one of the reasons. Earlier this week, two people familiar with discussions around a possible sale said that Abu Dhabi-based PureHealth Holding, the UAE’s biggest healthcare group by number of facilities, had […] February 13, 2025
Health NMC founder BR Shetty ordered to pay $33m to Indian bank BR Shetty, the founder of the UAE healthcare company NMC Health, which collapsed in 2020 with billions of dollars in hidden debt, has been ordered by a Dubai court to pay more than $33 million to an Indian bank. In a ruling made public only last month, the Dubai International Financial Centre Courts in November […] February 10, 2025
Health PureHealth in talks to buy hospital operator NMC PureHealth Holding, the UAE’s largest healthcare group, is in discussions to acquire the UAE hospital operator NMC Healthcare, sources familiar with the matter say. A deal, if finalised, could be announced before the first half of 2025, sources told AGBI, speaking on condition of anonymity. Other potential bidders had explored the opportunity but were not […] November 15, 2024
Analysis Health Affordable healthcare in the GCC: a prescription for profit The GCC’s affordable healthcare market is ripe for investment, research suggests, as patients are forced to travel to India, Thailand or Egypt to find cheap treatment. Low-income inhabitants make up about 38 percent of the Gulf’s total population, according to Mansoor Ahmed, executive director for healthcare at Colliers Middle East in Dubai. The proportion ranges […] July 10, 2024
People & Lifestyle NMC Healthcare weighs IPO among strategic options The UAE hospital group NMC Healthcare has appointed Rothschild & Co as its first financial adviser, to review strategic options for its future, including a sale or initial public offering. The second financial adviser will be appointed in due course. The Abu Dhabi-headquartered healthcare provider completed its restructuring in March 2022, which included appointing a […] June 13, 2024
Health NMC and Dubai Islamic Bank end legal dispute NMC Healthcare has reached an out-of-court settlement with Dubai Islamic Bank, ending the long-running legal dispute between the two businesses. The healthcare operator had borrowed around $400 million from DIB, which is the largest Islamic bank in the UAE. The loan used collateral known as insurance receivables, which are payments by insurance companies for medical […] March 19, 2024
Health NMC Health censured by UK financial authority UAE healthcare operator NMC has been censured by the UK Financial Conduct Authority (FCA) for misleading the market to the tune of $4 billion. Founded by Indian businessman BR Shetty in the mid-1970s, NMC ran into difficulties after short-seller Muddy Waters called into question its financial reporting and doubts emerged over the size of stakes […] November 17, 2023
Health NMC Healthcare founder BR Shetty faces $4bn lawsuit Administrators have filed a $4 billion lawsuit against the founder of NMC Healthcare BR Shetty and its former chief executive, related to allegations of fraud which led to its demise in 2020. Legal claims have been made in the UK and Abu Dhabi centred around Shetty, Prasanth Manghat and the Bank of Baroda, as reported […] July 12, 2023
Analysis Banking & Finance NMC scandal is watershed moment for UAE businesses Revelations about the scale of hidden debts spark debate in the UAE about the need for more rigorous bank loan checks and company auditing The ongoing legal battles surrounding the NMC Healthcare, the largest private healthcare provider in the United Arab Emirates (UAE), has been a big learning curve for how businesses manage their financial […] May 19, 2022
