Aster DM Healthcare, a Dubai-based operator of hospitals, clinics and a pharmacy chain, has finalised the separation of its Gulf and India business units and sold 65 per cent of its stake in its GCC arm to a consortium led by private equity firm Fajr Capital.
The transaction, which valued Aster GCC at about $1 billion, will enable the company to focus on its expansion plans in the GCC and India under independent entities, Aster said on Wednesday.
Azad Moopen will remain founder chairman and Alisha Moopen will serve as managing director and group chief executive of Aster GCC, with the Moopen family retaining a 35 per cent holding along with management and operational rights, it said.
Fajr Capital, based in the Dubai International Financial Centre, was joined by Al Dhow Holding, Hana Investment, Wafra International Investment and the Emirates Investment Authority – the sovereign wealth fund of the UAE federal government.
Aster GCC is planning an “ambitious” expansion plan across the Gulf, most notably in Saudi Arabia, the Arab world's biggest economy, and aims to improve healthcare access across its physical and digital channels, the company said.
Meanwhile, the Indian unit, which will be led by chief executive Nitish Shetty, has plans to add 1,700 beds and be among the top three hospitals in South Asia's biggest economy, Indian media reported on Wednesday.
Aster DM Healthcare was founded in 1987 and following the split, manages a network of 15 hospitals, 117 clinics and 285 pharmacies across the GCC.
The separation plan of Aster DM Healthcare – listed on both the Bombay Stock Exchange and the National Stock Exchange of India – was approved by its board in November 2023 as it sought flexibility to focus on respective demand for healthcare services in the GCC and India. Shareholders gave the green light to proceed in January.
“We are confident that [Fajr Capital's] demonstrated expertise will empower our expansion plans within GCC’s dynamic healthcare landscape, especially Saudi Arabia,” Azad Moopen, founder chairman of Aster DM Healthcare, said.
“Our next stage of growth … would see us expand our footprint in the GCC while strengthening our presence across physical and digital channels,” Alisha Moopen, managing director and group chief executive of Aster DM Healthcare GCC said.
“We are actively developing the right market strategy for Saudi Arabia for the expansion of our primary care and hospital businesses, supported by our new partners.”
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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Founder(s): Pishu Ganglani and Ricky Husaini
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Killing of Qassem Suleimani
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
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- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Benefits of first-time home buyers' scheme
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- 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
