Al Masah inks debut healthcare deal

The MENA-focused manager has purchased Abu Dhabi-based National Hospital and New National Medical Center from NMC Group.

Al Masah Capital has purchased a 100 percent stake in Abu Dhabi-based National Hospital and New National Medical Center, the firm’s first healthcare acquisition.

Both healthcare facilities are being sold by NMC Group, which has interests in healthcare, education, hospitality and financial services.

National Hospital and New National Medical Center provide a variety of healthcare services within the diagnostic and small to mid-sized hospital space, and have doubled their associated revenues under NMC’s ownership, according to Al Masah. The firm’s investment team, which invested nearly $250 million in MENA healthcare investments between 2005 and 2008, plans to expand its healthcare portfolio throughout the GCC and MENA region, according to a statement.

“Our MENA healthcare platform will be rolled out in the next two years,” founder and chief executive officer of Shailesh Dash said in the statement. The firm will pursue opportunities in related facilities such as specialised treatment, care for the critically ill, and alternative medicine, Dash added.

Healthcare in Abu Dhabi is a one of the more sought after sectors in the region, with 99 percent of the city’s residents being privately insured, according to Al Masah.

“In additon to these Abu Dhabi assets, we are currently looking to establish our base in Dubai and Kuwait,” partner at Al Masah Amitave Ghosal said in the statement. “We expect to add around four healthcare units in both markets in the next few months.”

Al Masah is also targeting businesses in Oman and Saudi Arabia, and aims to consolidate its position in the GCC and then expand to North Africa by targeting opportunities in Egypt and Morocco, Ghosal said.