Tech Mubadala-led group buys stake in US company Zelis By Pramod Kumar December 5, 2024, 11:08 AM Zelis/X Zelis' platform serves more than 750 payers, including the top five national health plans in the US A consortium led by Abu Dhabi’s Mubadala Investment Company is to acquire a minority stake in Zelis, a US-based financial technology company. The other partners are Norwest and HarbourVest. Parthenon and Bain Capital remain the majority owners in Zelis. Zelis is helping to streamline the US healthcare financial experience, which is complex and needs technology-driven solutions, said Mina Hamoodi, head of healthcare investments at Mubadala. No financial details were disclosed. The US company reported double-digit growth rates in its top and bottom lines. The platform serves more than 750 payers, including the top five national health plans, BCBS insurers, and regional health plans in the US. Mubadala Capital’s $8.7bn bid to privatise CI Financial Mubadala-backed US startup working on AI cancer care Healthy rise in medical tourism to Abu Dhabi clinic In October, Mubadala’s newly acquired subsidiary, Kelix Bio, bought four pharma assets from Yas Holdings’ healthcare unit, GlobalOne Healthcare Holdings. The Abu Dhabi wealth fund invested in Manipal Health Enterprises, India’s second-largest hospital chain by number of beds, in February.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 3 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 4 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 4 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 5 hours ago
