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UAE's Amanat to acquire three assets in Saudi Arabia through IMC

Jeddah deal comes as Amanat's International Medical Centre ramps up healthcare plans in Saudi Arabia

Amanat plans to expand in Saudi Arabia.
Amanat plans to expand in Saudi Arabia.

Dubai-listed healthcare and education investment firm Amanat Holdings PJSC has agreed to buy three medical facilities in northern Jeddah as it ramps up its portfolio company International Medical Centre (IMC) ramps up its healthcare acquisition strategy in Saudi Arabia. 

In a statement on Dubai Financial Market (DFM), Amanat said IMC – a 300-bed tertiary care hospital in Jeddah – would be enhanced through the acquisition. 

Facilities offered at IMC include a modern primary care centre, a radiology centre, and day-care surgery units, with four specialised surgery rooms.

Completion of the deal is pending regulatory and legal approvals of the Ministry of Health in Saudi Arabia.

Amanat said the purchase was “in line with IMC’s strategic plan” to acquire and develop quality healthcare assets across Jeddah and Saudi’s wider western region.

Tristan de Boysson, Amanat’s chief executive officer, said the investment firm had “worked closely with IMC to help it complete its first acquisition”.

IMC’s medical director, Dr Ashraf Amir, added: “We consider this deal as a first step in our growth strategy, through which we will explore further opportunities to acquire clinics with successful business models."

The news comes amid wider plans to boost the kingdom’s medical capabilities to keep pace with the demand of a younger population.

A Knight Frank report released in May 2018 said the kingdom would need 20,000 hospital beds by 2025 to meet national demand for healthcare services. 

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Construction Week - Issue 747
Aug 03, 2019