People & Lifestyle High demand puts Pure Health IPO order book at $72bn Pure Health, the largest healthcare group in the Middle East, set the final price for its initial public offering (IPO) at AED3.26 ($0.89), raising AED3.62 billion following strong demand from investors. The company is offering 1.11 billion ordinary shares, or 10 percent of its total issued share capital, on the Abu Dhabi Securities Exchange (ADX). The […] December 13, 2023
Health UAE president expands fund to fight tropical diseases Reaching the Last Mile – a global philanthropic health initiative by UAE president Sheikh Mohamed bin Zayed al Nahyan – has increased the size of its flagship fund five-fold to $500 million, with $340.2 million raised to date, following donations made during Cop28. The 10-year RLM Fund was set up in 2017, in partnership […] December 4, 2023
Health Climate funding for health needs to scale up tenfold Levels of climate funding directed towards global health must be multiplied tenfold in order to address the “devastating” risks associated with global warming, according to Maria Neira, director for environment, climate change and health at the World Health Organization (WHO). Currently just 0.5 percent of climate funds are reaching the health system, despite pollution claiming […] December 3, 2023
Banking & Finance Aster DM to sell majority stake in Gulf business for $1bn UAE-based hospital chain Aster DM Healthcare will sell a majority stake in its Gulf business to a regional consortium for $1 billion as part of a plan to separate the unit from its Indian operations. A consortium led by state-backed Fajr Capital will own 65 percent of the Gulf business, while Azad Moopen, the founder […] November 29, 2023
Manufacturing Saudi’s Avalon plans massive export drive The Saudi pharmaceuticals firm Avalon Pharma plans to treble revenue to SAR1.1 billion ($290 million), with a drive to increase exports from 10 percent to 30 percent of output. As Saudi Arabia pushes to produce within its own borders more of the medicines it consumes, Maher Al Ghannam, managing director and CEO of Avalon Pharma, […] November 21, 2023
Health PureHealth plans to launch IPO on Abu Dhabi exchange Healthcare provider PureHealth Holding has announced plans to launch an initial public offering (IPO) on the Abu Dhabi Securities Exchange to fuel its global expansion efforts. The listing, likely to be in December, is subject to regulatory approvals, the UAE state-run Wam news agency reported. Existing shareholders are Alpha Dhabi Holding and International Holding Company […] November 21, 2023
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 UAE’s medical AI ‘will not replace doctors’ The UAE’s unveiling of a homegrown clinical artificial intelligence program is a breakthrough in healthcare technology say industry experts, but AI will not yet replace doctors talking to patients. M42, an offshoot of G42 Healthcare and Mubadala Health and based in Abu Dhabi, announced last month that it had built a clinical Large Language Model […] November 14, 2023
Health Work starts on Dubai factory for Indian pharma business Construction has started on a $54 million factory in Dubai for Indian herbal pharmaceuticals company Himalaya Wellness, as analysts predict more international investment in the UAE healthcare sector. The factory at Dubai Industrial City, supported by financing from Emirates Development Bank, will produce tablets, capsules, liquids and ointments. The Bangalore-based company, founded in 1930, already […] November 8, 2023
Finance Global investor looking to Middle East healthcare sector The global asset management group Janus Henderson Investors is targeting the Middle East’s trillion-dollar medical sector to deliver healthy returns. The group has $308 billion in assets under management and 24 offices globally, including one in Dubai International Financial Centre since 2012. The healthcare team’s strategy has a pot of more than $10 billion, while […] November 3, 2023
Employment Zurich Middle East plots growth on needs of expats Zurich International Life, the Middle East division of Switzerland’s Zurich Insurance Group, is expanding its core business in response to rising demand from expatriates. With expats staying in the region for longer, there is a growing need for products and services such as life insurance, workplace savings plans and critical illness cover. There is also […] November 3, 2023
Construction Aldar to break ground on first Dubai project next year Aldar Properties, Abu Dhabi’s largest developer, has launched its first Dubai residential project, Haven, with construction of the first phase starting in the second quarter of 2024. The project will be developed with its joint venture partner Dubai Holding on the land opposite Al Habtoor Polo Resort in Dubailand. Aldar’s Haven will be built in […] October 27, 2023
Video length: 03:47 VIDEO Food & Drink Why so much food is wasted in the UAE The UAE aims to reduce food loss and waste by 50 percent by 2030. “There is not much time left so we are working with speed to meet those targets,” said Khuloud Hasan Al Nuwais, chief sustainability officer of Emirates Foundation, which runs the national food loss and waste initiative Ne’ma. Food waste in the […] October 16, 2023
Analysis Tech Gulf accelerates longevity push with AI and healthtech The Gulf is establishing itself at the forefront of the world’s fast-growing “longevity” sector. Saudi Arabia and the UAE in particular are making strides in the global race to prolong life, investing in health technologies that can predict medical risk and help develop medicines. They are investing in healthtech, building laboratories to support research and […] October 12, 2023
Analysis Sustainability Middle East air pollution among worst in the world Air pollution levels in the Middle East and North Africa region (Mena) are among the highest globally, and concentrations of harmful particulates are increasing in many of the region’s cities as economic activity returns to pre-pandemic levels. Measurements and definitions can vary, so Switzerland’s IQAir created a standardised air quality app to monitor and compare […] October 6, 2023
People & Lifestyle Mubadala in talks to buy stake in Indian hospital Mubadala is in talks to acquire a stake of less than 10 percent in India’s Manipal Hospitals, in what could be the Abu Dhabi sovereign fund’s first investment in the booming Indian healthcare space, people with direct knowledge said. The fund is holding talks with Singapore’s Temasek, which spent $2 billion in April to raise […] September 29, 2023
Health Saudi Arabia injects $133m into vaccine factory Saudi Arabia is planning to invest SAR500 million ($133 million) in a factory to boost local vaccine and medicine manufacturing capacity as the kingdom seeks to become a regional centre for biotechnology. Saudi Authority for Industrial Cities and Technology Zones, also known as Modon, has signed an investment agreement with the Vaccine Industrial Company to […] September 28, 2023
Opinion Health Sickbed musings on UAE medical care Wanted – a smart insurer to provide reasonable health insurance for older people in the UAE September 22, 2023
Health Al Jaber: climate change health risks need more investment Cop28 participating nations must increase financing to identify and mitigate climate change’s risks to human health, the summit’s president designate Sultan Al Jaber has said. “The connection between health and climate change is evident, yet it has not been a specific focus of the Cop process – until now,” Al Jaber told the UN General […] September 19, 2023
People & Lifestyle Amanat and Mada to develop Saudi health PPPs Amanat Holdings has partnered with Mada International Holding to develop public-private partnerships (PPPs) in the healthcare industry across Saudi Arabia. Amanat, a Dubai-listed healthcare and education investment company, and Saudi developer Mada are already considering a tender for the 900-bed PPP post-acute care facilities in Riyadh and Dammam. The tie-up is expected to fuel Amanat’s […] September 11, 2023
Health Leejam seeks payoff for forced closure of Riyadh gyms Leejam Sports Company is seeking compensation after being forced to close two of its gyms in Riyadh. The shuttered Fitness Time centres are on land in the city’s Al Khuzama district, which has been earmarked for the $50 billion Diriyah Gate project. In a filing to the Saudi Stock Exchange, Leejam said the two centres […] September 11, 2023
People & Lifestyle Saudi’s Care buys Jeddah hospital for $52m Saudi Arabian hospitals operator National Medical Care Company (Care) has agreed to buy Saudi Medical Care Group’s 100 percent stake in a hospital in Jeddah for SAR193.22 million ($51.51 million). The acquisition of the Chronic Care Specialized Medical Hospital will support Care’s health service expansion strategy and take advantage of the growth opportunities available in […] September 11, 2023
