Abu Dhabi sovereign wealth fund Mubadala and artificial intelligence company G42 will merge their healthcare units to form a company that will focus on using future technology to revolutionise the industry across the region.
The combined entity, which aims to operate at the forefront of medical research and innovation, is intended to become a vertically integrated healthcare business by delivering pioneering clinical solutions to help solve global critical health and diagnostic challenges, the companies said on Thursday.
Hasan Al Nowais, chief executive of Mubadala Health, has been appointed to lead the new entity in the same role.
“The new company represents a truly integrated healthcare ecosystem where research, technology, AI and genomics are combined with world-class care to optimise clinical outcomes,” Mr Al Nowais said.
“We are committed to ensuring that our exceptional team of physicians and caregivers have access to pioneering medical technologies and deliver unparalleled care to patients.”
The Covid-19 pandemic proved the resilience of the UAE through its sweeping health protocols and vaccine mandate, and Abu Dhabi is charting a path to become a leader in global health care.
The UAE capital has ambitions to capture the world's first population-wide genetic library, pioneer connected health and build on previous collaborations with pharmaceutical companies Pfizer and AstraZeneca in medical research.
Last week, Abu Dhabi unveiled a new funding programme to support research and innovation to fight life-threatening diseases, offered to those who carry out clinical research projects in critical health areas.
Meanwhile, demand for digital healthcare services continues to grow, with venture capital companies tapping into this by boosting their investments in start-ups, especially those that provide diagnostics, testing and other support services.
The global digital health market was valued at $175.6 billion in 2021 and is expected to grow at a compound annual rate of about 28 per cent through 2030, according to Grand View Research.
Mubadala Health and G42 Healthcare already cater to hundreds of thousands of patients annually, and the new entity will tap into the reach of the combined network, the companies said.
This will include state-of-the-art healthcare centres and digital platforms, which will raise the level of patient services across the continuum of care, it said.
“We aim to build on the respective strengths of G42 Healthcare and Mubadala Health to unlock healthcare super-intelligence and facilitate global healthcare expansion,” said Peng Xiao, group chief executive of G42.
“Our capabilities and experience in leveraging data and AI will allow us to continue transforming the traditional healthcare ecosystem to deliver top-notch patient care, fuelled by the latest breakthrough research, all in world-class facilities.”
The companies have already been active in a number of initiatives in the field of health care.
In August, G42, backed by Mubadala, set up a $10bn fund that will invest in emerging technology in high-growth regions around the globe as it looks to expand its portfolio of investments.
In October last year, Mubadala Health and G42 Healthcare signed an agreement to boost collaboration and find innovative solutions to treat chronic diseases.
“The future of healthcare lies in the incredible, fast-moving advances being made in technology,” said Waleed Al Muhairi, chairman of Mubadala Health and deputy chief executive of Mubadala.
“Mubadala has invested in the highest standard of patient care for the residents of the UAE across a number of specialities. We now seek to take patient care to the next level, into a new era of precision and personalised medicine.”
The new entity will consider opportunities for international expansion and new partnerships, as well as focus on collaborating with leading researchers and pharmaceutical and HealthTech ecosystems, the companies said.