GE Healthcare and Gulf Capital join hands to create region's largest chain of medical diagnostic and healthcare service centers
GE Healthcare and Gulf Capital (one of the largest private equity firms in the Gulf) recently joined hands to develop the MENA region’s largest chain of medical diagnostic and healthcare service centres. Gulf Capital and GE Healthcare share the same “healthymagination” vision of improving the quality and delivery of healthcare services across the region.”
Advanced diagnostic services are of critical importance to the Middle East region. The region has increasing incidence of lifestyle diseases such as diabetes, heart conditions and obesity-related problems. The focus of healthymagination to emphasize on an earlier model of care is underscored by recent statistics revealed by the Health Authority Abu Dhabi, which stated that 70% of Emiratis above the age of 18 are at risk of developing cardiovascular diseases, based on a screening program designed for UAE nationals. The results showed that more than 30% screened were overweight, another 30% were obese and more than 21% had diabetes or were in danger of developing this disease.
These health trends also call for a greater focus on healthcare spending. Today, the funding mechanism for healthcare spending is one of the pressing challenges faced by governments in the Middle East region. Morever, regional government healthcare budgets have been rising over the years to meet the demand of a growing population.
With aim to help improve the region’s healthcare services, the partnership will focus on a two-phased approach of acquiring existing companies as well as launching greenfield operations with extended services including medical imaging, laboratory services, physiotherapy, dialysis services and oncology. The strategic alliance will focus on the delivery of world-class health care services in Egypt and Saudi Arabia, two of the most populous countries in the region, followed by an expansion at a later stage in other high growth markets.