Dubai private equity firm acquired stake in a healthcare firm for $272 million
Dubai investors of Ithmar Capital, a private equity company based in Dubai, has taken a $272 million equity stake in Al Noor Medical Company in Abu Dhabi.
Al Noor was founded 25 years ago and is a privately-run healthcare company that operates three hospitals, three clinics and 10 pharmacies in Abu Dhabi and treats 1.2 million patients a year. Dubai investors Ithmar’s capital injection is designed to fund an expansion of Al Noor through acquisitions, new development, public-private partnerships and strategic equity investments. The idea is to create a regional healthcare services company. The healthcare market in the Gulf is expected to grow fivefold by 2025 and the GCC healthcare sector was estimated to be valued at between $15 billion and $18 billion last year.
The $272 million stake in Al Noor is the largest Ithmar has made since it was founded in 2005. Ithmar has more than $544 million in assets under management and is listed in the Middle East Investors Directory with the code OR32.
More details from their release follows
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