Abu Dhabi sovereign wealth fund, Mubadala, has taken a 60% stake in United Eastern Medical Services (UEMedical).
The investment was made via its medical arm, Mubadala Health, which is looking to expand its portfolio.
Mubadala has earmarked the healthcare sector as one of its primary investment targets. In March it announced a deal with the UK’s Office for Investment to invest more than US$1 billion in life sciences and healthcare development projects.
UE Medical has own and operates a number of hospitals and clinics in both the UAE and Saudi Arabia.
The stake was purchased from Saudi-based Jadwa Investment and Abu Dhabi-based United Eastern Group.
No financial details were disclosed but the deal is expected to be completed by September.
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