UAE’s Amanat acquires majority stake in Sukoon

UAE’s Amanat acquires majority stake in Sukoon

Healthcare and education investment company Amanat has acquired a majority stake in Sukoon International Holding Company, with aims to create the largest pan-GCC post-acute care platform.

Amanat said in a statement to the Dubai Financial Market (DFM) that it will own 85% of the new entity following a merger of Sukoon with Cambridge Medical and Rehabilitation Centre (CMRC).

The merger is part of Amanat’s plan to expand CMRC from 256 beds to 1,000 beds in three years. Sukoon currently operates 130 post-acute beds in Jeddah, Saudi Arabia.

A non-cash share swap will see Sukoon shareholders receive 15% of Amanat’s shares in CMRC in return for Amanat receiving additional shares in Sukoon.

“At the acquisition of CMRC, we set out an ambitious strategy to expand to c. 1,000 pan-regional beds within three years and with today’s announcement we are delivering on this ambition,” said Hamad Alshamsi, Amanat’s chairman.

Alshamsi said the company will operate around 400 beds in the UAE and Saudi Arabia, particularly in Abu Dhabi, Al-Ain, Dhahran and Jeddah, with a 300-bed expansion underway, primarily in Saudi Arabia, and further expansion plans in the pipeline.

Amanat said the company is now uniquely positioned to take advantage of the 24,000 post-acute care bed gap across Saudi