Amanat Holdings – a company based in the United Arab Emirates (UAE) that invests in healthcare and education – has fully acquired the local rehabilitation institute, Cambridge Medical and Rehabilitation Centre (CMRC) for an enterprise total of $232 million (£166m).
In a statement issued to the Dubai Financial Market (DFM) this week, Amanat Holdings revealed that its acquisition from private equity firm, TVM Capital Healthcare is “one of the biggest deals in the Gulf’s healthcare sector in recent years.”
CMRC provides “specialised and dedicated medical care and rehabilitation services” to those requiring short-term comprehensive rehabilitation, or long-term care for chronic illness or injury. It has facilities in the UAE as well as Saudi Arabia (KSA).
Howard Podolsky, group CEO of CMRC said that the acquisition comes at a “pivotal time” for the company.
“We have pioneered the successful roll-out of PAC [post-acute care and rehabilitation] in the region, having established multiple facilities with over 250 beds across the UAE and KSA,” he said.
Hamad Al Shamsi, chairman of Amanat Holdings added: “The acquisition of CMRC offers Amanat a profitable and scalable business.”
WHY IT MATTERS
In analysis by Bloomberg, both ageing populations and rising life expectancy in the region are boosting demand for healthcare, which in turn has increased interest from investors. For example, the business portal cited the “considerable interest” in NMC Health’s UAE and Oman hospitals, while Saudi Arabia’s largest provider of dental and dermatology care, Almeswak Dental Clinics, is reportedly considering a range of strategic options including a full or partial sale.
Meanwhile, Amanat Holdings’ CEO, Mohamad Hamade stated: “Post-acute care and rehabilitation has proven to be one of the most resilient sub-sectors during the pandemic.”
ON THE RECORD
Looking ahead, Amanat Holdings confirmed it is set to “accelerate” investments this year.
“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,” Al Shamsi concluded.