Mubadala Health, the integrated healthcare network of Mubadala Investment Company, has acquired a 60 percent stake in the United Arab Emirates-based United Eastern Medical Services (UEMedical) from Jadwa Investment and United Eastern Group (UEG), its CEO told Al Arabiya English on Wednesday
UEMedical owns and operates multiple hospitals and clinics specializing in women’s health, family medicine, pediatrics, fertility, eye care, dentistry and dermatology in both the UAE and in Saudi Arabia.
Through the acquisition, Mubadala Health adds Danat Al Emarat Hospital for Women & Children, the HealthPlus Network of Specialty Centers, and HealthPlus Fertility, the largest IVF provider in the region. It also adds Moorfields Eye Hospital Abu Dhabi and a stake in Al Meswak Dental Group to its network.
The new services added to the Mubadala Health network include fertility & IVF, obstetrics, neonatology, and pediatric subspecialties.
Hasan Jasem Al Nowais, CEO of Mubadala Health, told Al Arabiya English that the deal was one that “made sense” to the integrated healthcare network which was launched in January this year.
“We always looked to expand our service lines through a healthcare provider that match our quality of care we currently provide and also a provider than helps us expand in the geographies which we want to expand to and we believed this acquisition achieved both of these goals for Mubadala Health,” he said.
“Over the past decade, UEMedical has witnessed tremendous growth and success, operating facilities that have raised the bar in patient care across multiple specialties.”
“This acquisition enhances Mubadala Health’s network in the UAE and the wider GCC region, while demonstrating our unwavering commitment to transforming the regional healthcare landscape by delivering a full range of healthcare services covering every phase of a patient’s life.”
The acquisition comes amid the COVID-19 pandemic and during one of the most challenging years for regional and global healthcare. However, Al Nowais said Mubadala Health felt it was imperative to continue with its plans for growth, despite the pandemic.
“We can never say any period of time is the right time,” he said. “Since the inception of Mubadala Health in January this (acquisition) was our first priority. We happen to be in the COVID-19 era, and it was an opportunity that presented itself, we looked at it, it made sense and we executed it.”
The deal means Mubadala Health’s offer “now includes a continuum of care – which was important to us”, adding: “We can also take advantage of United Eastern Medical’s expertise outside of Abu Dhabi which is something we always wanted, whether that be the UAE or the Kingdom of Saudi Arabia.”
The deal will “definitely” lead to more expansion across the wider UAE and into Saudi Arabia, he said.
“Given its part of Mubadala Health, UEMedical will part of our overall growth strategy of all of our facilities.
“Acquisition is only the first step of our next journey of where we want to go. We want to continue to be the highet quality provider in the emirate of Abu Dhabi and in the region. That is our number one focus.”
Ahmed Ali Al-Shorafa Al-Hammadi, managing director of UEG, said, as founders of UEMedical, the United Eastern Group were “proud of what UEMedical represents, and of our role in the evolution of the health sector through well-established accredited hospitals and clinics in various specialties.”
He added: “While it is not easy to exit what we have built, I believe Mubadala Health provides the best ecosystem to allow it to flourish.”
Managing Director and CEO of Jadwa Investment, Tariq Al-Sudairy, said the company acquired UEMedical in 2016 following an extensive assessment.
“That (assessment)revealed high growth potential for specialized health services, especially in the women and children space,” he said. “We worked closely with the management team to realize the company’s ambitious growth strategy in the UAE and Saudi Arabia.”
CEO of UEMedical Majd Abu Zant said the healthcare company was “delighted” to join Mubadala Health’s network.
“This acquisition drives innovation and clinical excellence, while expanding the continuum of care across the UAE and Saudi markets as part of an integrated healthcare ecosystem,” he said. “ UEMedical has always been patient-centric and embraces international partnerships that advance our expertise and attract healthcare professionals of the highest caliber.”
“This approach aligns perfectly with that of Mubadala Health, and we look forward to the next phase of our journey.”
The transaction is anticipated to close by September 2021.