Abu Dhabi hospital firm NMC Health exits Saudi operations, sells 53% stake in Saudi Medical Care Group

Abu Dhabi hospital firm NMC Health exits Saudi operations, sells 53% stake in Saudi Medical Care Group

Dubai: Abu Dhabi-based hospital operator NMC Health has sold a 53 per cent stake at its Saudi subsidiary, thus drawing in fresh funds for its ongoing turnaround strategy. The stake sale was at the Saudi Medical Care Group, and should be completed in the second-half of this year. Thus, NMC – the UAE’s biggest healthcare operator in the private sector – had divested all non-core international assets. It was in 2019 that NMC entered a JV in the Kingdom contributing five of its hospital assets and an additional cash injection to own 53 per cent stake in SMCG (formerly NMC KSA). SMCG’s portfolio now includes seven hospital and three clinics. “In 2020, we presented a turnaround plan for NMC that would see us divest our international operations and focus on our core business in the UAE and Oman,” said Michael Davis, CEO. “It was clear to us that this approach would be in the best interest of the company and would provide the best value for our stakeholders. “The successful sale of NMC’s last substantial non-core international asset represents an important milestone as we take the final steps to exit the administration process as NMC emerges as a robust, focused,