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United Arab Emirates

 

NMC founder alleges multi-billion dollar fraud

BR Shetty, founder of the GCC’s largest for-profit healthcare operator NMC Healthcare, has issued legal proceedings seeking $8bn in damages, claiming audit firm EY, Bank of Baroda, and Netherlands-based Credit Europe Bank were part of a co-ordinated and deliberate conspiracy to remove money from his businesses.
August 5, 2021

GCC hospital markets at a crossroads

Change is afoot for private hospital operators in the GCC with mandatory insurance rollouts and private sector-friendly reforms offset by squeezed margins and an exodus of foreign nationals. More big US non-profits have followed in the footsteps of their peers Cleveland and Mayo and investors are pouring money into new developments in some markets - but steering well clear of others. Here is our round-up after several weeks interviewing local sources for HBI Intelligence. 
August 5, 2021

GCC hospital markets: not for the faint-hearted

The GCC's private hospital sector had a highly volatile second half of the 2010s despite being the target of huge foreign investments in the first. Public data shows huge fluctuations in annual growth in 2014-2019 across Bahrain, Qatar, Kuwait and Dubai, UAE.
July 29, 2021

Abu Dhabi signs Israeli MoUs for population health

Abu Dhabi will work with Israel's largest payor-provider Clalit and its largest hospital Sheba Medical Centre in two separate MoUs that promise to work on population health management, genome sequencing and digital health services.
July 15, 2021

Mubadala Health diversifies with $800m UEMedical deal

Mubadala Health, the integrated health network of sovereign investor Mubadala, has added speciality fertility and women's health services to its network and expanded into Saudi with the acquisition of UEMedical. It now claims to be the largest IVF provider in the region.
June 17, 2021

Billions set to be written off as creditors take charge of NMC

NMC's creditors are now in the driving seat, after a take-it-or-leave it ultimatum from joint administrators Alvarez and Marsal left them with little option other than to accept a financial restructuring plan which wipes out billions of dollars owed to them, in return for ownership of the business.
June 7, 2021

Kuwait International Bank cuts its losses, sells NMC debt

Kuwait International Bank is selling off the debt it is owed by NMC Health, the UAE's largest hospital group which remains in administration following a fall from grace precipitated by short-seller Muddy Waters' report back in 2019.
June 3, 2021

Complex legal case might derail June vote for NMC

Court documents reveal that the administrators of UAE's largest hospital group NMC Health are expecting a formal vote on the restructuring deal in June, as the process is held up by a complex legal case.
May 27, 2021

Mediclinic bullish for 2022 despite drop in revenue

Group revenue fell 3% at South Africa-based EMEA hospital group Mediclinic International for the year ending March 31, 2021. But there were positive signs in H2 as the London-listed group came to terms with how to work during a pandemic, and the group is bullish about next year despite a particularly challenging start to the last.
April 22, 2021

Covid continues to boost Unilabs in 2021

Executive chairman Jos Lamers has told HBI that Covid sales continue to rise in Q1 and Q2 2021. They certainly boosted 2020 results at the international lab and imaging group owned by Apax Partners. Like rivals Synlab and Sonic, the business continues to roar away. 
April 15, 2021
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