Published: July 23, 2010
PE firm spends US$270mn to develop Al Noor Medical.
Ithmar Capital, a Dubai-based private equity firm, has made its largest investment since it was established four years ago by backing a healthcare company in Abu Dhabi.
It spent Dh1bn (US$272.2mn) buying into Al Noor Medical, which will use the investment to fund its expansion and make acquisitions.
Ithmar’s founder and managing partner, Faisal bin Juma Belhoul, says the investment will develop a regional healthcare services company with more than Dh2bn in assets under management. “Al Noor is the largest healthcare operator in the country. We’re going to build on that.”
Al Noor was founded 25 years ago and today operates three hospitals, three clinics and 10 pharmacies in Abu Dhabi treating 1.2mn patients a year.