NMC Health (NMC), a private healthcare operator with operations across 17 countries, and Hassana Investment Company (Hassana), the investment arm of the General Organization for Social Insurance (GoSI) of Saudi Arabia, have signed an MoU that aims to form a joint venture (JV) to acquire and develop a pan Saudi Arabia network of world-class healthcare facilities with a capacity of up to 3,000 beds.

The MoU targets a total investments value of up to SAR 6 billion over the next five years and to employ up to 10,000 employees, including full-and part-time positions. At inception, the proposed JV will become one of the largest private healthcare operators in Saudi Arabia with a combined capacity of 1,489 beds (664 beds contributed by five NMC facilities and 825 beds by two National Medical Care facilities).

NMC and Hassana signed the MoU on the sidelines of the Future Investment Initiative (FII) 2018, the second edition of a major conference-taking place in the Saudi capital Riyadh from 23-25 October, organized by the Public Investment Fund (PIF) of Saudi Arabia.

Prasanth Manghat, Chief Executive Officer of NMC, said: “We identified the Kingdom of Saudi Arabia as a key strategic priority for NMC and the proposed partnership between NMC and GoSI/Hassana would offer a tremendous opportunity for both companies to better ser ve the KSA healthcare market . The Saudi government’s forward-looking and investor-friendly policies make the Kingdom one of the most attractive destinations in the region for investment in the healthcare sector. NMC is keen to bring its international expertise, world class collaborations, specialized services (Maternity, Oncology, Pediatrics, Diabetes centers etc.) and key verticals (Fertility, Long-term Care, Cosmetics etc.) to serve population of the Kingdom.”

Saad Bin Abdulmohsin Alfadly, Hassana’s CEO, said in a statement, “The proposed partnership between Hassana and NMC is driven by our view that healthcare in Saudi Arabia is one of the most attractive markets for strong long-term growth. The proposed JV has ambitious growth plans across different healthcare sub-sectors, with both partners committed to compounding returns over the long term, whilst providing best-of-class services to patients. Benefiting from Hassana’s role as a strong long-term financial and strategic investor and NMC’s expertise as a sophisticated and successful healthcare expert internationally.