Amanat deal highlights hot Saudi hospital sector

UAE-listed healthcare and education firm Amanat Holdings has acquired a stake in a Saudi Arabian hospital, betting on continued growth in the country’s healthcare sector.

Amanat paid the equivalent of $97 million for a 13% stake in International Medical Company, an entity that operates a 300-bed hospital in Saudi Arabia’s western region.

“Amanat believes that Saudi Arabia’s socio-demographic outlook, as well as regulatory changes expected to expand the role of private hospitals, will continue to create opportunities for market-leading providers,” said Khaldoun Haj Hasan, Amanat’s chief executive.

In March 2016, Middle East Healthcare, the firm that owns Saudi German Hospitals, raised the equivalent of $3.2 billion in an initial public offering on the Saudi stock exchange, the Tadawul. At the time, the company’s chairman said the firm was “operating in a sector with a bright outlook, and has exciting growth prospects”.

Listed on the Dubai Financial Market, Amanat Holdings aims to set up and acquire companies in the education and healthcare sectors in the Gulf.

©2017 funds global asia

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