‘Al Masah Capital Limited’, a leading alternative investment and asset
management firms, has rebranded its healthcare private equity
initiative, ‘Healthcare Mena Limited’ (HML), to ‘Avivo Group.’
During a press conference held at ‘The Address hotel – Dubai Mall’
recently, Al Masah has revealed its plans to invest around Dh1.1 billion
to support the growth and regional expansion of Avivo Group within the
next two years, said a statement.
This investment will increase the number of healthcare facilities
operating under the Avivo Group brand from 32 to 50 in the next two
years, it said.
This expansion is set to create more than 1,000 new job opportunities
for GCC residents, and at the same time increase the annual reach of the
group’s medical services to almost two million patients all over the
GCC region.
In the past few years, Avivo Group has successfully expanded its
presence in Abu Dhabi, Dubai, and Sharjah as well as in Kuwait.
The group has plans to strengthen its presence in those cities and
expand its network into new markets, such as Oman, Qatar, Saudi Arabia
and South East Asia.
The rebranding comes as part of an overall strategy to position Avivo
Group as one of the largest integrated healthcare services providers in
the UAE and the region.
The unified brand Avivo Group will ensure consistency in operating
procedures, best practices and corporate values across all operations in
current and future markets.
Shailesh Dash, founder, chief executive officer and board member, Al Masah Capital, and chairman of Avivo Group, said: "Al Masah Capital is
very active in alternative investment strategies. We believe in securing
returns for investors while focusing on socially relevant sectors such
as healthcare and education.
"The ‘Avivo Group’ is an integrated healthcare network that has the
potential to become a leading name and one of the largest in the
region.”
“Healthcare markets in the GCC are extremely promising and remain
undersupplied despite rapid growth. In fact, data suggests that the
market is projected to continue growing at an annual rate of 4.4 per
cent to hit $69.4 billion by 2020," said Dash.
"We strongly believe in the role that the private sector can play to
support the governments’ endless efforts and visions to provide
healthcare services that are world class and also accessible to the
entire population,” he added.
Serving currently more than 1.3 million patients every year, the Avivo
Group owns and operates 32 healthcare assets. This includes two
hospitals, 14 speciality centres, eight high-end dental centres, six
pharmacies, and two diagnostic facilities, said the statement.
In addition to employing more than 200 highly qualified doctors,
specialised in 22 medical specialities, ‘Avivo Group’ has a staff
capacity of more than 1,000 experienced and well trained medical
professionals, it said.
The private sector has a key role to play in healthcare delivery.
According to a research done by Al Masah Capital, figures indicated
that (64 per cent) of healthcare expenditure in the UAE comes from the
government, and only five per cent of hospitals’ beds are owned by the
private sector.
Between 2004 and 2013, the UAE was the most active regional market in terms of private equity healthcare deals.
Amitava Ghosal, executive board member and CEO, Avivo Group, said: “The
opportunities are immense. Healthcare spending in the UAE is among the
highest in the region and continues to increase. Per capita, healthcare
spends for the UAE are the second highest in the GCC, and grew at a
consistent 8.1 per cent CAGR between 2006 and 2011.
"As per a 2013 Bloomberg report, the UAE’s healthcare system ranked 13
in the world, ahead of developed countries such as the UK, US, Canada,
France and Germany. ‘Avivo Group’s’ plans dovetail with those of the
regional governments, who are spending considerably on healthcare
initiatives and want to attract world class facilities and operators to
their countries.”
Abu Dhabi and Dubai are leading the way in moving to a market-led
system of healthcare where mandatory insurance schemes help residents in
paying for medical care without government subsidies. Demand pressures
are also driving UAE healthcare investment, said the statement.
As per the World Health Organization (WHO) statistics, one in three
adults in the UAE suffers from obesity, and one out of five people lives
with diabetes. Population increases, and the UAE’s decision to promote
itself as a hub for medical tourism, are also increasing demand for
healthcare. - TradeArabia News Service
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