Challenges to recruit adequate numbers of doctors and nurses has been the biggest struggle for the UAE's largest private healthcare provider as it triaged corporate scandal and the Covid-19 pandemic over the past two years, said NMC Healthcare's chief executive.
“My job was to somehow create a chasm between what we were dealing with, with the legal issues and the restructuring issues and the discovery of the fraud, with our 12,000 employees who were in the middle of the worst pandemic the world had seen in 100 years,” Michael Davis told The National's Business Extra podcast.
He described a hiring landscape that was deeply competitive for doctors and nurses during the pandemic, when in major markets around the world, including the UAE, staff were being offered thousands of dollars more on top of their typical salaries to join hospitals.
Mr Davis was promoted to chief executive in February 2020 after three years at the company, coming to the helm at a time when NMC Health was on the brink of collapse after a more than $4 billion debt pile was uncovered in one of the biggest corporate scandals in the country's history.
That history is receding as the new NMC charts a path under a brand new board of directors made up of its biggest creditors and shareholders, while defending its position as the largest private healthcare provider in the UAE.
In March, a restructuring process was completed, a move that allowed 34 NMC companies to exit administration — a signal that jobs and cash flow have been saved. Before that, NMC's business rebounded in the first half of 2021 as revenue beat expectations despite the pandemic headwinds.
Last year, the healthcare provider saw 5.5 million patients, with an even split between adult and paediatric patients.
For now, the company is focused on growth, with no plans to rebrand from the damaged legacy of the company's founder and former joint chairman, BR Shetty, and no immediate plans to go public again, Mr Davis said.
“Having delisted from the London Stock Exchange in April [2020], that was a very difficult and painful journey,” Mr Davis said. “My focus is on continued growth, emerging from the pandemic, retaining our staff, hiring new doctors.
“But [an IPO] is not something that's on the forefront of our mind now.”
NMC owns 65 healthcare facilities in the UAE and Oman, including multi-speciality hospitals, fertility specialists Fakih IVF, cosmetic clinic chain Cosmesurge and long-term rehabilitation and home care brand ProVida.
In terms of growth, the company is looking to bring on more sub-speciality doctors, particularly in treatment areas where patients typically would go abroad. NMC now has a collaboration agreement with Boston Children's Hospital in the US to bring sub-speciality paediatricians to the UAE, a model of care that Mr Davis is looking to replicate.
NMC is also looking to expand its home dialysis service, which grew out of the pandemic when patients were less inclined to leave their homes. More beds are also being added at NMC Royal Hospital and NMC Specialty Hospital in Dubai, where “those hospitals are bursting at the seams”, Mr Davis said.
The company chief is also focused on corporate governance under a new board of directors, which was formed on March 25 and has since met at least three times.
Abu Dhabi Commercial Bank, which had the most exposure among lenders to NMC liabilities — worth $981 million — appointed three of the seven new directors to the healthcare company. Kevin Taylor, group treasurer at ADCB, is now NMC's chairman.
Mr Davis called this new board “an eye-opening experience” — seemingly for everyone involved.
“We have a board that is heavily leaning towards financial restructuring and legal,” he said. "[And] what has been interesting for the board is many of the people that were creditors, who have been so supportive, know NMC from a spreadsheet.”
That impression has become more nuanced as the new board has become acquainted with NMC's role during the pandemic. It has thus far given more than four million PCR tests and administered more than 150,000 Covid-19 vaccines.
“Now they actually see what we're doing, they've gone out to the facilities, they've met some of the clinicians, they've met the employees and it's a new world for them,” Mr Davis said.
The board has “stress-tested the business” and “doubled down”, with the message being “we believe in you, we believe in the company. And we're gonna give you what it takes to make the company successful”, he said.
“It's been really nice to see and to interact with the people that essentially saved the business. There's no other way to say it,” Mr Davis added.
“I think that there's probably no safer investment than NMC at this point, because really, we were able to rip the band-aid off and begin to build a company that we all wanted to work for in the first place.”
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
RACE CARD AND SELECTIONS
5pm: Maiden (PA) Dh80,000 1,200m
5,30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,200m
6pm: The President’s Cup Listed (TB) Dh380,000 1,400m
6.30pm: The President’s Cup Group One (PA) Dh2,500,000 2,200m
7pm: Arabian Triple Crown Listed (PA) Dh230,000 1,600m
7.30pm: Handicap (PA) Dh80,000 1,400m
The National selections
5pm: RB Hot Spot
5.30pm: Dahess D’Arabie
6pm: Taamol
6.30pm: Rmmas
7pm: RB Seqondtonone
7.30pm: AF Mouthirah
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Quick%20facts
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The biog
Family: wife, four children, 11 grandchildren, 16 great-grandchildren
Reads: Newspapers, historical, religious books and biographies
Education: High school in Thatta, a city now in Pakistan
Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India
Happiness: Work on creative ideas, you will also need ideals to make people happy
Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
Sweet%20Tooth
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
