Abu Dhabi - Mubasher: Gulf Medical Projects Company (GMPC) announced that it completed the sale of Al Zahra Private Hospital Company and property in Sharjah.

The sale was executed for AED 2.06 billion ($560 million), according to a statement to the Abu Dhabi Securities Exchange on Monday.

Transfer of ownership was completed on 21 March 2017, the company said, noting that the full amount of the sale was received.

Profits resulting from the sale range between AED 1.60 billion and AED 1.67 billion, GMPC stated, adding that the final figure will be disclosed in its financial statements for the first quarter of 2017, which will be reported next month.

Gulf Medical's shareholders approved the decision to sell Al Zahra Private Hospital Limited Company in Sharjah and its properties to London-listed NMC Health.

In December 2016, NMC Health said was considering acquiring Gulf Medical's Al Zahra hospital for AED 2.06 billion.

The company last reported a 3.5% decline in net profits to AED 139.75 million in 2016 from AED 144.71 million in 2015.