London-listed NMC Healthcare to join FTSE 100 this month

The Abu Dhabi company is one of the first Middle Eastern firms to join the index

NMC Health has focused on the GCC, particularly the UAE, Saudi and Oman, for its expansion. Ravindranath K / The National

NMC Healthcare, one of the largest healthcare providers in the UAE, will be included in the FTSE 100 on the London stock exchange later this month, becoming one of the first Middle Eastern companies to be added to the prestigious stock index.

The Abu Dhabi-based company will join the largest London-listed companies on September 18 after its quarterly review, the stock exchange said last week.

"We take great pride in this positioning as it signifies NMC is rightfully recognised as a leader in the healthcare industry, and of added value to customers, businesses, communities, and most importantly, investors," said Saeed Al Qubaisi, the largest shareholder in NMC.

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NMC, which first listed on the London Stock Exchange in 2012, joined the FTSE 100, which lists the exchange's largest companies by market capitalisation.

Hikma Pharmaceuticals of Jordan was promoted to the index in 2015, only to drop out of the index a year later when its share price plunged.

NMC's shares have increased 26 per cent in the second quarter from the previous quarter to trade to last week's close of 2,759 pence, giving it a market capital of £5.6 billion (Dh27bn).

NMC has made new acquisitions to diversify operations from its primary UAE market to the GCC, with a particular focus to gain a bigger chunk of Saudi Arabia's market as the kingdom seeks further privatisation.

The company's chief executive, Prasanth Manghat, told The National last month that NMC was looking at organic expansion coupled with possible acquisitions in the kingdom.

NMC entered into Saudi Arabia last year, acquiring a 70 per cent stake in As Salama Hospital in Al Khobar for US$28 million while investing $4m for a 67.5 per cent share in a long-term care facility in Jeddah.

Under the healthcare umbrella, NMC operates eight hospitals, two day-care patient centres, nine medical centres and 15 pharmacies.