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Rife with opportunities as the demand for hospital beds and specialised medical services increases, the healthcare industry is quickly becoming an interesting prospect for contractors seeking work and developers hunting profits.
Free from the effects of recession, the sector is also emerging as one of the few stable industries that firms can turn to during a prolonged period of market uncertainty.
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Capitalising on the opportunities provided by the healthcare industry is Abu Dhabi-based developer United Eastern Medical Services, otherwise known as UEMedical.
The 100% local firm, owned by the United Eastern Group and led by Mohammed Ali Al Shorafa, was set up as a result of changes to the healthcare system in Abu Dhabi and, subsequently, the other emirates.
“We were incorporated three years ago in mid-2007,” explains Al Shorafa, “with the objective of investing in healthcare projects in Abu Dhabi and the UAE.
The holding company is a big family concern involved in various different sectors from real estate and construction to oil and gas. For this subsidiary, they decided to focus on healthcare because of the deregulation of the healthcare sector in Abu Dhabi.”
Before 2006, healthcare in Abu Dhabi was free to expats and nationals, with private facilities available for those prepared to pay.
“As part of Abu Dhabi Health Authority’s initiatives to create a sustainable healthcare sector, they decided to introduce the compulsory private healthcare insurance in Abu Dhabi. By doing this, the Abu Dhabi government brought a lot of the major, worldwide health operators to this region and increased the standard of healthcare.”
Of course, this also created business opportunities for anyone considering developing projects in the healthcare sector, rendering hospital building and outpatient facilities profitable developments for private investors.
According to Al Shorafa, however, building a healthcare facility is not quite as simple as it seems, and requires careful observation of the market before embarking on a project.
As part of its own approach, UEMedical uses data provided by Abu Dhabi Health Authority, as well as information from its own feasibility studies, to pinpoint high-demand areas and plan its developments accordingly.
“You have to use some sort of primary data in terms of research and some secondary data from authorities here in the market,” says Al Shorafa.
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