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ABU DHABI: NMC Health said it had expanded into ��������Ƶ through an investment and an acquisition, the first foray into the wider Gulf for the UAE-based health care provider.
This enabled it to raise its guidance for 2017 group EBITDA (earnings before interest, tax, depreciation and amortization) to $300 million from the previously-disclosed $290 million, NMC said in a statement.
NMC, along with other companies, is tapping into substantial growth in the sector as the Gulf’s increasingly wealthy population becomes more susceptible to lifestyle diseases such as diabetes.
It has taken a majority stake in a new 120-bed hospital in Jeddah by putting $4 million of equity into the operating company.
NMC will also provide a $9 million two-year loan to its subsidiary Provita, which will manage the business. It has also acquired a 70 percent stake in As-Salama Hospital in the Kingdom’s Eastern Province for $28 million, adding 140 beds to its total count.
“This represents another major advance toward our objective of developing a regional leader in the field of specialist long-term care,” said B. R. Shetty, CEO of NMC.
As well as plans to revamp the existing facilities at Alkhobar-based As-Salama, NMC said its strategy includes possible investment and expansion in the central region of Saudi, which includes the capital, Riyadh.
The London-listed firm now has 1,135 operational beds across its network, which is primarily in the UAE but also includes Spanish fertility firm Clinica Eugin.
It generated EBITDA of $115.9 million in the first half of 2016, up 68.2 percent over same period of last year.