United Arab Emirates - Mubasher: The Abraaj Group, a leading private equity investor operating in global growth markets, announced, on Monday, the formation of the North Africa Hospital Holdings Group (NAHHG), a healthcare investment platform to enhance the quality and accessibility of health care in Egypt and Tunisia.
The new hospital will be implemented in partnership with several leading development financial institutions, namely: the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- und Entwickungsgesellschaft mbH (DEG), and the Société de Promotion et de Participation pour la Coopération Economique S.A. (Proparco).
The EBRD is making an equity investment of $25 million, while DEG and Proparco are providing $15 million each. The UAE group will be the main investor with $145 million in the health care investment platform, Abraaj said, adding that the investment will be made through its funds.
North Africa’s population is expected to reach 190 million by 2020. Due to the rapidly growing demand for quality healthcare services, “NAHHG was established to promote and improve the accessibility of healthcare in Egypt and Tunisia by providing high quality patient-centric services”, a statement by Abraaj revealed.
“In addition to addressing supply shortages, NAHHG will use its platform and resources to improve service quality, enhance operational efficiency, invest in the latest medical technology and apply the best global health care practices to local markets. Investing in human capital development, training and skills upgrade would dramatically improve patient-care standards and create employment opportunities across the healthcare sector,” the statement added.
The NAHHG platform encompasses four hospitals to date, namely: Cleopatra Hospital and Cairo Medical Centre in Egypt, added to Clinic Taoufik and Clinic La Soukra in Tunisia.
Commenting on the group’s investment, Ahmed Badreldin, Partner and Head of Middle East and North Africa at The Abraaj Group, said: “Our investment in the North Africa Hospital Holdings Group is based on our capacity to bring our deep global experience in health care to markets that need and stand to benefit the most from them. Over the past six months, we have set in place several initiatives in each hospital, including soft skills training for staff, upgrading ER and radiology facilities, establishing global governance standards, improving medical services offerings and hiring skilled physicians. By expanding the healthcare platform across North Africa, we are confident in raising the standard for quality and affordable healthcare in the region. We look forward to working closely with our partners to create regional centres of health-care excellence”.
