26/09/2017 05:40 AST

NMC Health, the leading integrated healthcare provider operating across the United Arab Emirates, announced Tuesday that it has received all regulatory approvals for its long-term care facility, Chronic Care Specialty Medical Center (CCSMC), in Jeddah, KSA. CCSMC is believed to be one of the first greenfield medical facilities in Saudi Arabia to be established by a non-KSA company.

Prasanth Manghat, CEO of NMC Health, said “NMC would like to thank the Saudi government for the support it has offered us during the regulatory approval process. With a total licensed capacity now at about 700 beds, we see the KSA as an important part of NMC’s growth strategy and will continue to identify areas in which we can fill gaps in the country’s healthcare offerings.”

“The 220-bed long-term care facility initiated operations with 50 beds, which will be fully committed to patients currently receiving short-term acute care from hospitals in Jeddah and its surrounding areas. The migration of patients will begin today. A phased increase of utilization is planned with hospital projected to be at full capacity by H1 2019,” he added.

Explaining the latest plans for NMC Health in Saudi, Manghat elaborated “we agreed to acquire 60 percent stake in a new hospital in Najran. The acquisition is expected to close later this year for the hospital which houses 100 beds with adjacent land for future growth.”

“We also agreed to fully acquire a hospital in the northwestern KSA city of Ha’il that has a capacity of 60 beds. Plans are already under way to utilize existing land to increase capacity to more than100 beds. The hospital currently provides multi-specialty services to Ha’il and the surrounding area”

NMC Health is planning a shell and core, greenfield project planned in the Western Province of KSA with an expected capacity of 170 acute care beds. The facility is expected to be operational in H1 2019. NMC healthcare reached agreements to acquire these multi-specialty hospitals in each of the northwestern and southern regions of Saudi Arabia for an aggregate consideration of $40 million.”

Manghat further said “with the Chronic Care Specialty Medical Center, the acquisition of two existing facilities, and the planned greenfield project, NMC has aligned its strategic goals with the needs of the people of KSA. The expansion plans to provide our leading integrated services to Saudi Arabia are expected to positively impact NMC’s earnings from 2018 and beyond.” NMC healthcare became the first Middle East company to join the FTSE 100.


Saudi Gazette

Ticker Price Volume
SIPCHEM 20.10 899,828
QNBK 190.50 145,907
APPC 48.05 453,535
SACCO 47.50 122,955
SABIC 120.60 5,510,302
JARIR 141.60 89,783
STC 83.00 280,012
GCC’s economy continues recovery, seen at 3% in ’19

14/11/2018

Economic growth in the energy-rich Gulf will recover in 2018 from a contraction last year but remains vulnerable to volatility in crude oil prices, the IMF said on Tuesday.

The global lend

Saudi Gazette

IMF: KSA reform program in right direction but needs to ‘scale up’

14/11/2018

Saudi Arabia’s reform process is heading in the right direction, but the Kingdom needs to “scale up” in certain areas of the economy, according to the International Monetary Fund (IMF).

The

Arab News

Qatar, Kuwait to drive GCC growth in 2018 and ’19: IMF

14/11/2018

Qatar’s FIFA 2022--linked infrastructure investments and Kuwait’s implementation of five-year development plans will be the GCC growth triggers in 2018 and 2019. The ongoing preparations for Expo 202

The Peninsula

IMF projects UAE’s economic growth at 3.7 per cent in 2019

14/11/2018

The UAE economy is projected to grow at 2.9 per cent in 2018 and 3.7 per cent in 2019 against an estimated growth of 0.8 per cent, according to the latest regional economic outlook report from the In

Gulf News

Japanese investments in Abu Dhabi hit Dhs6.1b by 2017

14/11/2018

The size of Japanese investments in Abu Dhabi reached approximately Dhs6.1 billion by end of 2017, while the number of trade licenses issued to Japanese investors in Abu Dhabi reached 32.

The Gulf Today