Aster DM Healthcare takes majority stake in Saudi Arabia’s Sanad Hospital through AED 900 Million ($245m) acquisition

Dubai – MENA Herald: Aster DM Healthcare has acquired an additional 57 per cent stake in Sanad Hospital in Riyadh, Saudi Arabia, raising its total ownership stake to 97 per cent. The AED 900 Million (US$ 245 Million) investment in the Kingdom brings the total number of Aster DM Healthcare hospitals to six in the Gulf.  Sanad Hospital has seen steady growth over the last eight years, with 250 patient beds, over 100 physicians and surgeons as well as 800 employees of which 30% are Saudi nationals.

“This investment is a reiteration of our commitment to provide advanced medical care at affordable cost to the residents of Saudi Arabia,” said Dr. Azad Moopen, Chairman of Aster DM Healthcare. “The Ministry of Health’s commitment to ensure access to quality healthcare for all Saudi Arabian nationals and residents presents a wonderful opportunity for us to add the Aster touch to improve patient outcomes, while helping transform the local healthcare infrastructure. Our financial injection will help accelerate Sanad Hospital’s expansion plans while enhancing Aster DM Healthcare Group’s presence in the region.”

“Sanad Hospital continues to deliver quality healthcare and our aim is to upgrade the hospital facilities to ensure more accessibility,” added Alisha Moopen, Director of Strategy at Aster DM Healthcare. “In response to the increasing number of patients, we are adding an additional 100 inpatient beds, adding two new buildings and we are upgrading the main building to accommodate more emergency rooms and outpatient clinics.”

Aster DM Healthcare has been expanding its footprint in the Gulf and India since 1987, with direct presence in all the GCC markets as well as India, Jordan and Philippines. The company also has five greenfield projects underway in the Gulf including a new hospital in Qatar and three in the UAE.   In India, the group operates three hospitals in Kerala (Kozhikode, Kottakal, Kochi), two in Maharashtra (Pune, Kolhapur), two in Telangana (Hyderabad) and a hospital in Karnataka (Bengaluru).

2015-10-18T12:48:04+00:00 Sunday 18, October 2015|Categories: Finance & Investment, Slider, United Arab Emirates|Tags: , |