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Egyptian-Saudi alliance to inject LE3bln medical investments via MHP

Egyptian-Saudi alliance to inject LE3bln medical investments via MHP

Cairo: An Egyptian-Saudi alliance unleashed Mena Health Partners ( MHP) which is poised to inject EGP3bn investments for the construction of 4 hospitals.

MHP has been incorporated by an investment alliance comprised of 15 businessmen sharing an interest in the Egyptian local medical market, and of which 75% are Egyptians and 25% are Saudis, according to the co-partner chief executive of MHP Aymen Badr.

" MHP seeks to open up in the Egyptian market the four hospitals of Katameya Clinc, Katameya Specialized Hospital, International October Hospital, Well Care at a targeted capacity of 355 beds with an emphasis on medium and high-income earners," Badr told Al-Mal newspaper.

Also MHP is looking to investing EGP500mln into the completion of Katameya Clinc next June at 85 bed capacity over 9000 sqm, while the remaining hospitals are due to be accomplished over the next three years at EGP3bn investments, he explained.

" MHP eyes the creation of 1500 beds in the local market through acquiring existing hospitals, upping its portfolio to 15 hospitals by 2020," said Badr, adding that the company favours the take-over of the unfinished or struggling medical projects.

Coming second to Katameya Clinc, Well Care hospital is planned to be built in El-Mohandseen District, have 85 beds, concentrate on medical tourism and be equipped with state of the art medical prototypes, he elaborated.

"In the next two years, the construction of Katameya Specialized Hospital will come to a close over a 7,000 sqm at 85-bed capacity, while International October Hospital will be accomplished late this year at 100-bed capacity over 10,000 sqm."

Following the approval of the Comprehensive Medical Insurance law, the domestic market is booming in terms of volume of investments injected into the medical services sector. While having an eye on El-Nozha Specialized Hospital, Abraaj Group set the trend with it taking over a number of hospitals including Cleopatra, Nile Badrawi, El-Shorouk, Cairo Specialized Hospital. The Saudi-based Elaaj Group and the UAE-based NMC followed suit.

Source: AlMal Newspaper

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