Dubai – Mubasher: Dubai Investments on Sunday unveiled a new investment as part of its bid to expand its healthcare portfolio.

The Dubai-listed investment firm acquired a 20% stake in an equity partnership in Dubai’s Clemenceau Medical Centre (CMC), which is slated to open in June 2019.

The equity partnership involves Khansaheb Investments, which owns 55% of the project and CMC SAL, which holds a 25% stake in the centre, Dubai Investments revealed in a statement.

It added that the Clemenceau Medical Centre in Dubai Healthcare City “will offer six operating theatres, 44 consultation clinics, state of the art cardiac centre, advance and robotic surgery suite, and wide-ranging inpatient and outpatient services offering the latest technologies and medical procedures.”

Total investments in the new hospital, housing 110 beds, are estimated at AED 465 million ($126.62 million), the firm said, adding that construction works have now been completed by 68%.

Commenting on the acquisition, Dubai Investments managing director and CEO Khalid Bin Kalban noted that his company’s equity participation in Dubai’s new Clemenceau Medical Centre would “underpin” its focus on strategic investments in the healthcare sector.

An investment like the Clemenceau Medical Centre will also “contribute to the well-being of the people and improve upon the reputation of the Emirate as a hub for world-class medical care,” the top official stated.

Dubai Investments healthcare portfolio also includes an equity partnership for Dubai-based multidisciplinary hospital and day care clinics, under British teaching hospital King’s College Hospital London.

The new healthcare facility is managed Clemenceau Medicine International as part of the Clemenceau Medicine Network, which also has medical facilities in Beirut, Lebanon and Riyadh, Saudi Arabia.

“The investment is part of a diversification strategy into identified sectors which achieve key business objectives for Dubai Investments, align with the long-term plans of the UAE government and play an important role in supporting the momentum of the Dubai economy. We will work closely with CMC management to ensure we deliver a cutting-edge facility that serves the community,” bin Kalban concluded.

The Clemenceau Medical Centre is a new development which will offer specialty care across multiple disciplines in Dubai Healthcare City Phase 2, according to Dubai Investments.

Dubai Investments last posted a 33% profit fall in the third quarter of 2018 to AED 200.67 million versus AED 339.74 million in the prior-year period, while for the first nine months of the year, the investment firm’s profits shrank to AED 669.019 million from AED 794.63 million in the same period of 2017.