Saudi Arabia’s Dallah Healthcare agreed terms to acquire a majority share in Kingdom Holding's Care Shield Holding Company in return for shares in its own business and a cash sum.
Dallah Healthcare is buying a 54.65 per cent of Care Shield from Kingdom Holding for 300 million Saudi riyals, which it will pay for partly by swapping treasury shares, and partly in cash, according to statements made by both companies to the Tadawul stock exchange, where their shares trade.
Kingdom Investment and Development Company (KIDC), a subsidiary of Kingdom Holdings, will receive shares equating to a 4.99 per cent stake in Dallah Healthcare, valued at 186m riyals(Dh182m). The remaining 114m riyals will be settled in cash.
“This transaction is part of KIDC’s strategy of expanding and enhancing the value of its investments in the healthcare sector of the Kingdom of Saudi Arabia,” Kingdom Holdings said in its statement on Sunday.
The two sides announced in September last year they were in talks regarding a cash and share swap deal, and although terms have been agreed, the transaction is still subject to approval from both companies’ shareholders and from regulators, the statement said. Either side has the right to walk away if these are not completed within six months.
Care Shield owns a number of subsidiaries including Medical Service Projects Company, which owns Riyadh’s Kingdom Hospital, Consulting Clinics Company and Modern Clinics Pharmacy Company.
Dallah Healthcare also revealed it had agreed to buy a further 4.08 per cent in Care Shield for 22 million riyals from shareholders Abdulrahman Bin Ibrahim Abu Hemid and Sons for Trade and Investment and from Adel AlMandeel, which will bring its total stake in the company to 58.64 per cent.
Dallah Healthcare operates the Dallah Hospital in Riyadh and a pharmacy distribution business. The company made a net profit of 146.9m riyals in 2019 on revenue of 1.25 billion riyals.
In its statement, Dallah Healthcare said the deal was part of its “expansion plan to support its market standing in providing premium medical service, which is in line with its strategic objectives”.
Saudi Arabia has taken various steps, including allowing 100 per cent foreign ownership of companies in the market, to attract greater private sector investment into its healthcare sector.
In September last year, real estate consultancy Colliers forecast that the kingdom will need between 29,000 and 47,000 additional beds to meet demand as its population grows, which will require between $16.2bn-$21.1bn (Dh59.5bn-79.5bn) of investment.
“We expect most of the investment to come from the private sector, privatisation through public-private partnership (PPPs) and the creation of more [real estate investment trust] funds,” said Mansoor Ahmed, director of healthcare, education and PPPs at Colliers.
Dallah Healthcare's shares were trading up 1.3 per cent by 1pm UAE time on Sunday, while Kingdom Holding's shares edged up 0.3 per cent.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
