Health Sulaiman Al Habib secures $347m loan for Saudi expansion Dr. Sulaiman Al Habib Medical Services Group Company has secured long-term financing to expand across Saudi Arabia amid growing competition for healthcare services in the kingdom. The company, which trades on the Saudi stock exchange, has signed a sharia-compliant credit facility worth SAR1.3 billion ($347 million) with Al Rajhi Bank, a Saudi-listed lender. The 13-year-long facility will […] October 1, 2024
People & Lifestyle Aster DM Gulf unit explores $250m Saudi expansion The UAE-based hospital chain Aster DM Healthcare’s Gulf unit is exploring acquisitions worth $250 million to expand its presence in Saudi Arabia. The deals will focus on medical centres and hospitals, Bloomberg reported, quoting Alisha Moopen, managing director and group CEO of Aster’s Gulf Cooperation Council unit. These deals will be finalised in the next […] September 29, 2024
Infrastructure Riyadh signs off billions to improve road safety Riyadh municipality has signed five contracts worth SAR6 billion ($1.6 billion) to improve roads in the Saudi capital, where traffic accidents are above the global average. The contracts entail rehabilitating and asphalting 83 million square metres of road network over five years, in time for Riyadh’s hosting of the 2030 World Expo, which will bring […] September 25, 2024
Trade Australia and UAE hope for $678m boost after trade deal Australian exports to the UAE are expected to increase by $678 million after the two countries completed discussions over a comprehensive economic partnership agreement (Cepa). The deal, expected to be signed later this year, will make more than 99 percent of Australian exports to the UAE tariff-free, saving exporters up to $160 million annually. The […] September 17, 2024
People & Lifestyle Brookfield seeks ADQ support in bid for Spain’s Grifols Brookfield Asset Management has been in discussions with ADQ, a sovereign wealth fund in Abu Dhabi, to explore potential support for acquiring Spanish blood-plasma company Grifols SA. The Canada-based investment company has also held talks with Singapore’s GIC Pte, though no agreements have been finalised, Bloomberg reported, citing unnamed sources. Grifols, which is traded on […] September 2, 2024
Health Mubadala joins $680m acquisition of UCB’s Chinese business Abu Dhabi-based Mubadala Investment Company and Singapore’s CBC Group have jointly acquired the neurology and allergy business of UCB, a Belgian biopharmaceutical company, for $680 million. The deal includes UCB’s neurology portfolio (Keppra, Vimpat and Neupro) and allergy portfolio (Zyrtec and Xyzal) in mainland China and its Zhuhai manufacturing site. The combined net sales for […] August 26, 2024
Health Egypt’s government approves private health investments Egypt’s government on Wednesday approved executive regulations for a bill that allows private investment in its public hospitals for the first time. The law, which obtained presidential ratification in June, allows Egyptian and foreign companies to bid to manage and operate existing public hospitals for a period of between three to 15 years. A statement […] August 15, 2024
Health Burjeel profits drop despite jump in patient footfall Hospital operator Burjeel Holdings said net profits for the first six months of 2024 fell 25 percent year on year to AED169 million ($46 million), despite annual revenue rising 9 percent to AED2.4 billion. Patient footfall increased to three million in the first six months, an increase of 11 percent in the second quarter. Abu […] August 8, 2024
Analysis Markets Healthcare sector props up Gulf IPOs in 2024 The healthcare sector has emerged as a significant contributor of initial public offerings in the Gulf region during the first half of 2024, according to a report by the Kuwait Financial Centre, known as Markaz. This comes despite an overall decline in new listings. However, Saudi Arabia’s Al-Hokail Academy Specialized Digital Polyclinics Company cancelled its […] July 16, 2024
Markets Saudi Arabia’s PIF hires banks for Nupco’s $1bn IPO Saudi Arabia’s Public Investment Fund (PIF) has hired banks for the initial public offering of its wholly owned subsidiary, National Unified Procurement Company (Nupco), a media report said. The sovereign wealth fund has appointed global and local bankers, such as JPMorgan Chase & Co., Morgan Stanley and SNB Capital, to manage Nupco’s flotation, Bloomberg reported, […] July 16, 2024
Health Abu Dhabi launches AI tender to predict epidemic threats The Abu Dhabi Public Health Center has launched a tender for an artificial intelligence-powered platform designed to predict epidemic threats. The aim is for the platform to use AI’s ability to process extensive and complex datasets at high speed as a way to analyse both local and international outbreak trends alongside national travel patterns to […] July 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
Health Heat-health warning system planned for Abu Dhabi Abu Dhabi is to develop an official heat-stress index and a national heat-health warning system as rising temperatures threaten public health and businesses. The Abu Dhabi Public Health Centre has issued a tender for an index tailored to the UAE’s unique climate conditions, occupational settings, and the physiological differences among its diverse population. The UAE […] July 9, 2024
People & Lifestyle Al-Hokail Academy to sell over 2m shares on Saudi bourse Al-Hokail Academy Specialized Digital Polyclinics Company, a digital healthcare services provider in Saudi Arabia, will launch its initial public offering (IPO) to sell 29 percent of its capital, or over 2 million shares, on the Nomu-Parallel Market. The company has set the IPO price range between SAR118 and SAR125 ($31.46- 33.32) per share, Emirates NBD […] July 7, 2024
People & Lifestyle World Bank to support Jordan’s social sectors The World Bank has approved $700 million programmes to support Jordan’s health, education and social assistance sectors. The $300 million Jordan human capital programme aims to improve the governance and effectiveness of social sectors, as well as safeguard households from the adverse effects of climate change. In addition, the $400 million Masar programme will equip […] July 2, 2024
EXCLUSIVE Tech Aramco adopts heat-sensing construction helmets Saudi Aramco is deploying advanced safety helmets equipped with heat stress sensors to protect workers on some of its construction sites, a critical concern in the Gulf region’s scorching climate. The helmets, developed by Dubai and Saudi Arabia-based construction tech startup WakeCap, utilise internet-of-things (IoT) technology that monitors worker attendance, location, and safety incidents in […] June 23, 2024
Health Mubadala and QIA invest in US cancer research startup Funds from the UAE and Qatar have invested in a US-based clinical-stage biotechnology start-up. Mubadala Capital, a wholly owned subsidiary of Mubadala Investment Company, co-led the $50 million Series B extension in funding to Iambic Therapeutics, based in San Diego, California. The funds will allow the American start-up to broaden its pipeline of AI-discovered clinical […] June 21, 2024
Health Mubadala-backed US startup working on AI cancer care A US genomics startup, backed by Abu Dhabi’s sovereign wealth fund Mubadala, is working with ChatGPT creator OpenAI to improve cancer screening and treatment using artificial intelligence models. Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, […] June 18, 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
Analysis Health Wearable tech shoppers track price as well as health Gulf consumers who are interested in wearable tech – smart watches, rings, glasses and implants – are opting for mid-range gadgets rather than premium devices, industry experts have told AGBI. Dubai retailer Jumbo Electronics reported 50 percent year-on-year growth in the AED600-1,000 (about $163-$272) price segment in the first four months of 2024. The AED1,000-1,500 […] June 10, 2024
Health PIF unit leads fundraising for Saudi healthcare fund Jada Fund of Funds, wholly owned by the Public Investment Fund, has led the SAR920 million ($250 million) fundraising round in a fund which aims to invest in major healthcare companies in Saudi Arabia. Other investors in the TVM Healthcare Afiyah Fund were from Saudi Arabia, the GCC and Europe, according to TVM Capital Healthcare, […] May 28, 2024
Video length: 3:39 VIDEO Health UAE diabetics face Ozempic shortage due to weight-loss users The manufacturer of Ozempic is “troubled” by the fact the drug, which was designed to help people with diabetes, is in short supply in the UAE because of the high number of consumers using it for its weight loss side-effects. Danish pharmaceutical company Novo Nordisk introduced Wegovy, a drug meant to specifically tackle obesity, to […] May 24, 2024
