Strategic firm Mubadala Investment Company bought Abu Dhabi's Amana Healthcare, its first investment in a UAE healthcare provider, as it continues to snap up assets to expand its portfolio.
Mubadala Healthcare, a unit of the parent company, bought Amana, which operates hospitals in Abu Dhabi and Al Ain and provides services that include long-term inpatient care for medically complex cases, rehabilitation, transitional care and clinical care in the home, it said in a statement on Monday. The company did not disclose the value of the acquisition.
“This is the first investment by Mubadala Healthcare in a UAE-based health services company, and we will certainty continue to look for the right acquisition opportunities, both on a regional and international level, to further bolster our portfolio of healthcare assets," said Waleed Al Muhairi, Mubadala deputy group chief executive.
__________
Read more:
[ Mubadala-backed consortium acquires stake in Russian fitness chain ]
[ Exclusive: Mubadala Ventures targets $1bn of tech assets by 2021 ]
__________
The Emirates' healthcare sector is growing steadily amid rising investment from the government and private sector operators. Healthcare expenditure in the UAE is forecast to grow at a compound annual growth rate of 9.6 per cent to $25.6 billion (Dh94bn) in 2022 from an estimated $16.1bn in 2017, according to Alpen Capital in Dubai.
UAE's healthcare industry will be the fastest growing in the Arabian Gulf, thanks to mandatory health insurance in Dubai, expanding medical tourism and a growing population.
The acquisition of Amana expands Mubadala Healthcare's portfolio, which currently includes Cleveland Clinic Abu Dhabi, Healthpoint, Imperial College London Diabetes Centre, National Reference Laboratory, Abu Dhabi Telemedicine and Capital Health Screening Centre.
"Mubadala’s decision to acquire Amana Healthcare expands the Mubadala Healthcare network’s ability to serve the region’s patients and their rehabilitation needs," it said in a statement. "Mubadala Healthcare has plans for continued expansion to better serve an increasing number of domestic and international patients."
