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French Version

Emaar enters healthcare business

Emaar Properties announced on Saturday its plans to enter the healthcare sector in the Middle East & North Africa (MENA) and South Asia markets. The plan involves the construction of hospitals, clinics and medical centers and investing in the provision of world-class healthcare services.

The total investment outlay planned by Emaar in the healthcare business will be around AED18.35 billion ($5 billion) over the next decade. The plan is to develop and manage around 100 hospitals each with a 200-bed capacity and super medical specialties added in key centers.

Emaar will provide the infrastructure as well as manage the administration and operations of its hospitals, clinics and medical centers. In addition, it will form strategic partnerships with established healthcare institutions and providers. Emaar Chairman Muhammad Ali Alabbar said, “Our detailed business plans for the healthcare business aims to meet the fast growing demand for healthcare infrastructure and services in the targeted markets.

Emaar’s expansion into the healthcare business is part of our holistic approach to property development and complements our earlier announced plans for the education sector.” “Emaar has a strategic long term plan, for the healthcare business across global markets, which aims to build a sustainable business model of the right size so that it provides real value for the company’s shareholders,” Alabbar said. Alabbar continued: “As the target region experiences massive population growth, the demand on its healthcare infrastructure will grow further. Unable to cope with this demand, local governments are now keenly pursuing plans to privatize healthcare services.

Emaar will help meet these challenges by delivering quality medical care.” Conservative estimates of the current size of the healthcare market, excluding medicine and pharmaceuticals, in the targeted region is around AED36.7 billion ($10 billion) per year. A recent United Nations report observed that the largest impediment facing the South Asian health sector was the state infrastructure and facilities. On average, South Asian countries spend only 4.8 per cent of their GDP on public and private healthcare services, which is amongst the lowest in the world. The MENA region spends are comparable; countries such as Saudi Arabia and Kuwait invest 4.3 per cent and 3.8 per cent of Gross Domestic Product respectively.

This indicates the deep potential for the growth of its healthcare industry. “By providing world-class infrastructure and healthcare services right at our doorstep, we are confident that many will seek medical assistance at home instead of traveling abroad,” added Alabbar.

Amman,13March2006
Redaction
The Star


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