By THE AFRICA BAZAAR Staff Writer
The Abraaj Group has moved to buy Cairo Medical Center, a private hospital in Cairo, adding one more asset to the firm’s expanding healthcare-related portfolio.
The deal amount was not disclosed. However, once the deal has been completed, the private equity firm said it will get a 100 percent ownership stake in the Egyptian Stock Exchange-listed hospital.
Abraaj said it plans to make a significant investment to renovate the hospital, a 177-bed multi-care facility located in Heliopolis, a central part of East Cairo.
The renovation will include upgrades to the entire hospital, including installing new state-of-the-art equipment. Also, it will invest in human capital by training the hospital staff to provide better-quality healthcare services to patients.
Ahmed Badreldin, a partner at the firm and head of its Middle East North Africa unit said the investment in the hospital “fits our wider strategy of supporting resilient and critical industries such as healthcare, and helping to facilitate the provision of quality and affordable healthcare with a strong focus on upgrading facilities and medical technology to improve overall patient care standards.”
As Africa turned a corner on some of the issues that have held it back from engaging and competing effectively with the global world, access to quality and affordable healthcare goods and services on the continent is still extremely limited. Abraaj has been among one of the pioneer private equity firms that see value in African health sectors and through its investment strategy it continues to strengthen support for the healthcare sector on the continent.
Last year the firm bought stake in two African pharmaceutical companies:Moroccan Steripharma, a manufacturer and marketer of pharmaceutical products, and Vine Pharmaceuticals, a pharmacy retail chain based in Uganda. It sold Opalia Pharma S.A, a Tunisian pharmaceutical company.
With this latest deal, the firm said it will leverage its experience in the sector to develop a strong business with economic growth that will be best positioned to help align the hospital services with the growing demand for medical services.
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