Software professional Khaldoon Bushnaq co-founded Alma Health along with Tariq Seksek in the middle of the Covid-19 pandemic in 2020.
It was the perfect time to launch a venture that could help people with chronic conditions.
Alma Health, a direct-to-patient digital healthcare platform, provides direct medical consultations to people living with conditions such as diabetes, hypertension, high cholesterol and asthma via its mobile application.
The Abu Dhabi Global Market-based venture has a panel of licensed, in-house general practitioners and offers lab tests that can be done in the comfort of the home.
The platform, which was part of the early cohorts of Hub 71, also allows patients to fill their prescriptions, fully covered by the user’s health insurer, without the need to physically visit a clinic or a hospital.
The Alma Health team. Mr Bushnaq says the company’s staff and doctors based in Abu Dhabi are fully licensed by Abu Dhabi’s Department of Health. Photo: Alma Health
Both co-founders have software engineering degrees and were part of the buzzing corporate culture in the UAE.
Mr Bushnaq, who obtained his degree in engineering from Carleton University in Canada and later his MBA from the University of Cambridge in 2015, was head of strategy and business performance at Careem.
Mr Seksek, an engineering graduate from the University of Western Ontario, previously held product management roles in companies including Dubizzle and Starzplay.
The duo wanted to distinguish the offerings of Alma, developing a model based on their corporate experience and the disruptive effect of technology on different businesses.
The high smartphone penetration rates in the region supported their business case of accelerating the development of services provided to people with chronic conditions in the region.
“During my tenure at Careem between 2016 until 2020, I realised the impact that technology had on the transportation sectors in the UAE, in Saudi Arabia and in the other parts of the region,” Mr Bushnaq, who is also chief executive of the company, says.
“I have a very strong core belief that many technology companies and technology services will solve a massive problem for the population and will witness a very rapid adoption rate.”
While the pandemic was a difficult time for everyone, it was also a time to learn a valuable lesson: to be prepared for the next pandemic or endemic, he says.
“The two critical trends we have seen and we strongly capitalised on to start a digital healthcare business are the regulators’ agility to licence digital healthcare providers, physicians' rapid adoption of digital health and patients' rising expectations from their healthcare providers,” says Mr Bushnaq.
It was evident to Mr Bushnaq, who himself has a chorionic condition, that there were many opportunities for simplification and transformation.
For example, there is no need to go to a hospital to renew and refill a prescription if the condition is stable.
The alternative is provided by Alma, but the value proposition of the platform is much more than the other telemedicine players in the UAE and the region.
“Contrary to a typical telemedicine company, where a physician doesn't necessarily work for the company, our business model is completely different. At Alma Health, those physicians are employed by Alma Health. This helps us provide our members with a high quality, specialised and customised care plan,” he says.
The company’s staff and doctors, based in Abu Dhabi and Dubai, are licensed by the Department of Health in both emirates. Professionals who work part-time are also registered and licensed by their local health authorities.
“We believe the back-end verticalisation and the specialisation are what differentiates us from other players,” Mr Bushnaq says.
The Alma Health offices. Photo: Alma Health
HealthTech start-ups in the Mena region are taking off, with more than $400 million in VC funding received since 2016, according to a recent report by Dealroom, an Amsterdam-based provider of data and intelligence on start-ups and tech ecosystems.
The combined enterprise value of HealthTech companies in the region is now worth over $1.7 billion, an 8x increase since 2017, Dealroom said.
HealthTech investment in Mena reached $106 million last year, up from $73 million the previous year. The UAE attracted $192.7 million in venture capital funding between 2018 and 2022, the highest in Mena.
Telemedicine and biotechnology segments have received the most VC investments so far since 2018, according to Dealroom.
Being part of the Department of Health’s Technology Hub in Hub 71, Alma Health received a lot of guidance from the regulator on how to set up digital clinics, pharmacies, and how to obtain necessary licences to offer safe and quality health care to users.
“This part of the world has one of the highest prevalence rates of chronic conditions globally and it’s time for a serious push to improve healthcare access,” says Mr Bushnaq.
As many as 120 million people in Mena live with chronic conditions today, and frequently rely on an inefficient primary care system that has not changed meaningfully in over 100 years, he says.
In Saudi Arabia, there are 15 million people who live with at least one chronic condition, the highest prevalence in the region.
“Saudis with a chronic condition visit a doctor at least four times per year and dispense a minimum of eight prescriptions, and yet there are only 13 general practitioners and one pharmacist per 10,000 people. In stark contrast, the US has 26 GPs and eight pharmacists per 10,000 people,” he says.
“With rates of diabetes, heart disease, obesity, asthma and other diseases soaring year on year, healthcare spending is also rising at a phenomenal rate and has increased three times in the UAE and 3.5 times in Saudi Arabia between 2004 and 2020,” Mr Bushnaq says.
However, authorities in the region are paying very close attention and are constantly improving regulations to simplify healthcare access for people living with these conditions.
“This was especially fuelled by the most recent pandemic when authorities, such as the Department of Health of Abu Dhabi, for example, started licensing telemedicine providers and started issuing permits for the safe delivery of prescription-based medication to the patients’ doorstep.”
Since its inception, the company has recorded double-digit growth in the number of users, with tens of thousands of customers in Abu Dhabi alone, he adds.
Alma Health completed its licensing formalities this year in Dubai and Saudi Arabia as well as integration with major insurance providers. Mr Bushnaq expects to replicate the success the company has seen in Abu Dhabi in Dubai and Saudi Arabian markets as well.
The company aims to scale up its operations in Dubai and Riyadh and plans to expand to Egypt next.
“We have ambitious plans to scale our user base from the tens of thousands to hundreds of thousands within the next 12 months by doubling down on our presence in the UAE and Saudi Arabia,” he says.
So far, the company has managed to raise more than $15 million from regional and global investors including e & capital, Knuru capital, The Oryx Fund, Khwarizmi Ventures and Global Founders Capital.
It closed its most recent financing round of $10 million in July, which has given the company a “depth of capital” that will accelerate its vertical integration in its markets, says Mr Bushnaq.
The company is currently completing technical integrations with AI-powered consumer medical devices for at-home monitoring.
“If the utilisation of such devices is massively successful, Alma Health can become an acquirer of such MedTech companies. This is just an example of how we can continue to innovate to provide our members with improved clinical outcomes to help them live with their chronic conditions,” he says.
Going forward, he says the company will continue to maintain its core focus on chronic care.
“We have clear indicators that we are successfully transforming the lives of people living with chronic conditions through our coverage of their end-to-end journey led by our experienced and specialised physicians.”
Q&A: Khaldoon Bushnaq, co-founder and chief executive of Alma Health
What already successful start-up do you wish you had started?
I think I have a number of start-ups in mind. In HealthTech, I am a fan of Ro Health, Pharmeasy and OneMedical. Outside of HealthTech, it is SpaceX.
What new skills have you learnt from launching your venture?
Managing a large team. To be a strong leader, hiring people smarter than you is probably one of the best things you can do to manage a highly effective team.
If you could start all over again, what would you do differently?
Start the company earlier. I think by now we would have transformed the lives of a larger number of people living with chronic conditions in the region.
What changes in health care should patients expect in the next decade?
The healthcare system will become more patient-centric. The care delivery system will be forced to become more efficient and easier for patients to navigate.
Patient engagement will yield better, well-documented outcomes by stimulating patients to take on more active roles in promoting and maintaining their health.
What is your next big dream to make happen?
To watch Alma Health grow its capabilities to transform the lives of at least 10 million people living with chronic conditions in the UAE and Saudi Arabia with an unparalleled digital care experience.
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
Charlotte Gainsbourg
Rest
(Because Music)
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Sugary teas and iced coffees
The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.
For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Donald Trump and Kim Jong-un shake hands ahead of one-on-one discussion
US and North Korean teams sit down for bilateral summit
Kim: “I believe this is a good prelude for peace."
Trump: “We will solve it, we will be successful.”
All times UTC 4
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
Where: Etihad Stadium
When: Tuesday, 10.45pm
Live on beIN Sports HD
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.
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
