Bahrain Economic Development Board (EDB) has signed a memorandum of understanding (MoU) with the global strategic investment firm Foundation Holdings to invest $30 million to launch its affiliate companies, including a new state-of-the-art medical center focused on specialized healthcare and non-communicable diseases.
This investment will help Foundation Holdings and EDB to achieve their common aim of making a significant and positive impact in Bahrain’s healthcare and education sectors.
According to the company statement, the launch of primary care provider Right Health an affiliate of Foundation Holdings will be centered around a new research and development center that, along with a chain of outpatient and diagnostic facilities and pharmacies, will offer a clinical capacity of 150 doctors and nurses capable of serving as many as 500,000 patients annually.
ProMedEx, another Foundation Holdings affiliate, will cooperate with the country’s premier private and public institutions to supply the world’s best-in-class technology orthopedic and general surgery implants and equipment.
“This MoU enables us to establish Bahrain as the regional pioneer for healthcare and education and in turn become the springboard for the entire GCC, attracting foreign direct investment and importing global best practice to enhance and boost Bahrain’s position in the global sphere. The latest technologies of our investee companies like ProMedEx and Right Health will further benefit all residents of Bahrain in addition to creating local jobs, and we look forward to using our talent, scale, and experience as an effective private sector partner to make a significant positive impact in the Kingdom.”
“This is a strategic investment that has the potential to unlock significant opportunities for healthcare providers in Bahrain over the coming years. Our strategic location, our competitive business offering, which includes delivering the best value operating costs in the region, and the growing demand for healthcare services will all play a fundamental role in contributing to the success of the project,” noted Mr. Mahmood Al Aradi, Chief Investment Officer at Bahrain EDB.