Abu Dhabi holding firm ADQ is merging its well being care subsidiaries with Alpha Dhabi’s Pure Health Medical Supplies as the 2 firms proceed to streamline their portfolios.
The transfer will create the UAE’s largest healthcare provider.
As a part of the deal, Abu Dhabi Health Services Company, higher referred to as Seha, and the National Health Insurance Company, higher referred to as Daman, shall be consolidated into Pure Health, Alpha Dhabi stated in a statement on Wednesday to the Abu Dhabi Securities Exchange, the place its shares are traded.
“This distinctive ecosystem, with a eager deal with combining know-how with well being care, creates a scalable platform for worldwide development, driving recognition and worth for the nation and our traders,” stated Mohamed Al Rumaithi, chairman of Alpha Dhabi.
“Going ahead, Pure Health will actively search enlargement alternatives globally to additional diversify its portfolio and leverage its success within the UAE.”
Demand for healthcare providers has grown amid the coronavirus pandemic and firms are planning to faucet into this demand by ramping up their investments in companies offering diagnostics, testing and different help providers.
Tamouh Healthcare, Yas Clinic Group and the Abu Dhabi Stem Cell Centre will even turn out to be a part of Pure Health because it seeks to broaden, the 2 firms stated on Wednesday.
ADQ will turn out to be the largest shareholder in Pure Health after the deal, which is topic to regulatory approvals. Apart from Alpha Dhabi, different shareholders embody International Holding Company, AH Capital and Ataa Financial Investments.
Set up in 2018, ADQ has a portfolio of firms in strategic sectors of Abu Dhabi’s non-oil financial system, together with tourism and hospitality, aviation, transport, logistics, industrial, property, media, well being care, monetary providers and agriculture and meals.
ADQ’s portfolio of firms consists of the Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Seha, Daman, Abu Dhabi National Exhibitions Company and media firms Abu Dhabi Media and twofour54.
“Pure Health shall be instrumental in remodeling the supply of well being care as we consolidate a number of firms into the platform,” stated Mohamed Alsuwaidi, chief govt of ADQ.
“Combining the energy of medical powerhouses and the UAE’s main well being insurer will develop a scalable healthcare platform for development.”
Alpha Dhabi, which had a market value of Dh263.8 billion ($71.82bn) as of Wednesday and was previously known as Trojan Holding, has grown right into a regional conglomerate with pursuits in development, well being care, hospitality and trade after completing a series of acquisitions in 2021.
Earlier this week, it acquired a 25.24 per cent stake in Al Qudra Holding and elevated its stake in Abu Dhabi’s largest listed developer Aldar Properties after it purchased a further 17 per cent within the firm. The deal brings Alpha Dhabi’s general stake in Aldar to 29.8 per cent.
Last 12 months, ADQ, merged its healthcare entities Rafed and Union71 with Pure Health to create a significant healthcare help providers provider.
Other main offers within the healthcare sector in 2021 embody International Holding Company’s agreement to buy a 40 per cent stake in Response Plus Medical Services, a unit of VPS Healthcare.
Abu Dhabi-based funding group Yas Holding additionally acquired a majority stake in Geltec Healthcare’s Dubai-based enterprise for an undisclosed sum.
Dubai-listed funding firm Amanat Holdings acquired Cambridge Medical and Rehabilitation Centre for $232 million in one of many area’s largest healthcare offers in March.
Updated: January fifth 2022, 8:27 AM