UAE hospital operator NMC sells its 53 pct stake in Saudi Medical Care Group

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UAE hospital operator NMC Health said on Tuesday it had sold its 53 percent stake in the Saudi Medical Care Group.

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The statement did not name the buyer, but NMC in 2019 had formed a joint venture medical group in Saudi Arabia with Hassana Investment Co, the investment arm of the General Organization for Social Insurance.

NMC, the largest private healthcare provider in the UAE, is expected to come out of administration this year after its creditors approved a restructuring process last year.

NMC ran into trouble in 2020 after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.

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