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Friday, February 23, 2024

UAE healthcare Amanat Holdings acquires CMRC for $232m

A new healthcare acquisition in Middle East by Amanat Holdings, a company in United Arab Emirates that is specialized in healthcare and education investment has bought a long-term care company Cambridge Medical and Rehabilitation Center (CMRC) at the value of $232 million (AED 851 million).

About Amanat

Amanat Holdings is considered one of the largest companies in healthcare and education investments with a total paid-up capital of AED 2.5 billion, Amanat investments in the healthcare sector are distributed in multiple countries in GCC, it has 300-bed hospital named International Medical Center (IMC) in KSA, Royal Hospital for Women and Children in Bahrain, and Sukoon which is a provider of acute and critical care medical services in KSA.

About CMRC

CMRC is a leading post-acute care and rehabilitation service provider, it has 3 facilities in the Middle East with more than 250 beds in its facilities, its facilities are established in two countries, two facilities in the UAE and other one in KSA. CMRC reported a revenue of $75.3 million and net income of $15.2 million for 2020.

The Deal

This deal is one of the biggest healthcare sector investments in Gulf area in the past few years, Amanat bought CMRC from TVM Healthcare, a private equity healthcare company which is focused on emerging markets. This investment is the first wholly owned investment for Amanat in UAE healthcare sector.

The transaction of this deal is funded through a combined cash and bank loan, with this deal Amanat is expecting to be the biggest post-acute care and rehabilitation service provider in the region.

Why It’s Important

As mentioned by Bloomberg, the aging population and the rising life expectancy are increasing the demand for healthcare services, which is reflected in the interest of investors

The CEO of Amanat Dr. Mohamad hamade said “Post-acute care and rehabilitation has proven to be one of the most resilient subsectors during the pandemic and we are now well-positioned to accelerate organic growth and pursue expansion across the GCC. We look forward to working closely with the public sector in the GCC in creating clusters of partnerships to develop healthcare service line integration where post-acute care services and other synergistic services are provided to address market demand through a more systematic relationship that offers long-term cost-effective synergies.”

Dr. Hamad Alshamsi, the chairman of Amanat said “We continue to deliver on our strategic objectives to invest in high-yielding assets that are leading the transformation in the healthcare and education sectors delivering further value to our shareholders,”.

Interview with AMANAT CEO

HBC Editors
HBC Editorshttp://www.healthcarebusinessclub.com
HBC editors are a group of healthcare business professionals from diversified backgrounds. At HBC, we present the latest business news, tips, trending topics, interviews in healthcare business field, HBC editors are expanding day by day to cover most of the topics in the middle east and Africa, and other international regions.

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