Abu Dhabi holding company ADQ is merging its health care subsidiaries with Alpha Dhabi’s Pure Health Medical Supplies as the two companies continue to streamline their portfolios.
The move will create the UAE’s largest healthcare provider.
As part of the deal, Abu Dhabi Health Services Company, better known as Seha, and the National Health Insurance Company, better known as Daman, will be consolidated into Pure Health, Alpha Dhabi said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
“This unique ecosystem, with a keen focus on combining technology with health care, creates a scalable platform for international growth, driving recognition and value for the nation and our investors,” said Mohamed Al Rumaithi, chairman of Alpha Dhabi.
“Going forward, Pure Health will actively seek expansion opportunities globally to further diversify its portfolio and leverage its success in the UAE.”
Demand for healthcare services has grown amid the coronavirus pandemic and companies are planning to tap into this demand by ramping up their investments in businesses providing diagnostics, testing and other support services.
Tamouh Healthcare, Yas Clinic Group and the Abu Dhabi Stem Cell Centre will also become part of Pure Health as it seeks to expand, the two companies said on Wednesday.
ADQ will become the largest shareholder in Pure Health after the deal, which is subject to regulatory approvals. Apart from Alpha Dhabi, other shareholders include International Holding Company, AH Capital and Ataa Financial Investments.
Set up in 2018, ADQ has a portfolio of companies in strategic sectors of Abu Dhabi’s non-oil economy, including tourism and hospitality, aviation, transport, logistics, industrial, property, media, health care, financial services and agriculture and food.
ADQ’s portfolio of companies includes the Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Seha, Daman, Abu Dhabi National Exhibitions Company and media companies Abu Dhabi Media and twofour54.
“Pure Health will be instrumental in transforming the provision of health care as we consolidate several companies into the platform,” said Mohamed Alsuwaidi, chief executive of ADQ.
“Combining the strength of clinical powerhouses and the UAE’s leading health insurer will develop a scalable healthcare platform for growth.”
Alpha Dhabi, which had a market value of Dh263.8 billion ($71.82bn) as of Wednesday and was previously known as Trojan Holding, has grown into a regional conglomerate with interests in construction, health care, hospitality and industry after completing a series of acquisitions in 2021.
Earlier this week, it acquired a 25.24 per cent stake in Al Qudra Holding and increased its stake in Abu Dhabi’s biggest listed developer Aldar Properties after it bought an additional 17 per cent in the company. The deal brings Alpha Dhabi's overall stake in Aldar to 29.8 per cent.
Last year, ADQ, merged its healthcare entities Rafed and Union71 with Pure Health to create a major healthcare support services provider.
Other major deals in the healthcare sector in 2021 include International Holding Company's agreement to buy a 40 per cent stake in Response Plus Medical Services, a unit of VPS Healthcare.
Abu Dhabi-based investment group Yas Holding also acquired a majority stake in Geltec Healthcare's Dubai-based business for an undisclosed sum.
Dubai-listed investment company Amanat Holdings acquired Cambridge Medical and Rehabilitation Centre for $232 million in one of the region's biggest healthcare deals in March.
UAE currency: the story behind the money in your pockets
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
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UAE currency: the story behind the money in your pockets
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Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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Results
5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud
6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel
7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
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Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
