Abu Dhabi state-owned sovereign wealth fund Mubadala Investment Company’s healthcare unit Mubadala Health is acquiring a majority stake in United Eastern Medical Services (UEMedical), as part of its strategy to expand its healthcare portfolio beyond the UAE.
According to the company statement, the $243 billion wealth fund’s healthcare arm has agreed to buy a 60 percent stake in UEMedical, an operator of medical facilities in the UAE and Saudi Arabia, from Saudi private equity firm Jadwa Investment and United Eastern Group. The financial terms of the transaction were not released, but it is anticipated to finalize in September.
Hasan Jasem Al Nowais, chief executive of Mubadala Health said, “This acquisition enhances Mubadala Health’s network in the UAE and the wider GCC region while demonstrating our unwavering commitment to transforming the regional healthcare landscape. Over the past decade, UEMedical has witnessed tremendous growth and success, operating facilities that have raised the bar in patient care across multiple specialties.”
Through the acquisition, Mubadala Health will add Danat Al Emarat Hospital for Women & Children, the HealthPlus Network of Specialty Centres, HealthPlus Fertility, the largest IVF provider in the region, and Moorfields Eye Hospital Abu Dhabi to its portfolio. The company would also receive a stake in Al Meswak Dental Group, Saudi Arabia’s largest dental and dermatology network, as per the company statement.
Following the completion of the deal, Mubadala Health’s portfolio will include more than 10,000 caregivers across 15 healthcare providers in the UAE and Saudi Arabia. The deal adds new subspecialties to Mubadala Health’s network including fertility and IVF, obstetrics, neonatology, and pediatrics, the company added.
“This acquisition drives innovation and clinical excellence while expanding the continuum of care across the UAE and Saudi markets as part of an integrated healthcare ecosystem. We look forward to the next phase of our journey,” commented Majd Abu Zant, chief executive of UEMedical.