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UAE’s NMC, Saudi Hassana Investment ink SAR 6bn healthcare deal

UAE’s NMC, Saudi Hassana Investment ink SAR 6bn healthcare deal
The deal was signed on the sidelines of the Future Investment Initiative (FII)

Riyadh – Mubasher: UAE-based NMC Health has signed a memorandum of understanding (MoU) with Hassana Investment Company, the investment arm of Saudi Arabia’s General Organization for Social Insurance (GoSI), for healthcare investments worth as much as SAR 6 billion ($1.60 billion).

Under the deal, signed on the sidelines of the Future Investment Initiative (FII), joint healthcare investments will be implemented over the coming five years, according to a statement.

The partnership, which aims to develop a Saudi network of high-quality hospitals and healthcare facilities with more than more than 3,000 beds, is expected to provide more than 10,000 job opportunities.

NMC, the international private healthcare operator, previously revealed plans to operate, manage, and acquire healthcare facilities in Saudi Arabia in the next five years.

Organised by Saudi Arabia’s Public Investment Fund (PIF), the FII conference began in Riyadh on Tuesday, 23 October and would end on Thursday, 25 October.

In the first day of the investment event dubbed “Davos in the Desert”, state-owned Aramco inked 15 memoranda of understanding with a combined value of $34 billion, along with inking a deal with French oil major Total to build a joint venture (JV) for manufacturing industries.