Abu Dhabi healthcare provider Burjeel Holdings has signed a preliminary agreement with Saudi Arabia’s Leejam Sports Company to set up more than 60 clinics in the kingdom as part of its regional expansion.
The two sides have agreed to a joint venture that will create and operate a network of more than 60 physiotherapy, rehabilitation and wellness centres in fitness clubs operated by Leejam in Saudi Arabia, Burjeel said in a statement to the Abu Dhabi Securities Exchange, where its shares are listed.
The joint venture marks the UAE healthcare operator’s entry into Saudi Arabia, the biggest Arab economy, where it will also provide sports medicine facilities.
Burjeel did not disclose the financial details of the deal or how much the partners plan to invest in the chain of clinics.
The financial impact of the deal will be “determined later”, Leejam said in a bourse filing to the Tadawul stock exchange, where it trades.
The partners plan to open six clinics in Riyadh during the second quarter of this year. They will expand the network across the kingdom in the next 12 to 18 months.
“Our collaboration with Leejam … is significant as we commence operations in [Saudi Arabia],” Dr Shamsheer Vayalil, founder and chairman of Burjeel Holdings, said.
“Professional and recreational athletes of all levels and passionate youngsters stand to benefit from comprehensive care, ranging from prevention to rehabilitation, which will be tailored to their specific needs,” he said.
“Such offerings will create a world-class support system enabling these sportspersons to elevate their performance.”
The new clinics will also offer complementary medicine services such as Ayurveda and Naturopathy, with a focus on sports and advanced rehabilitation treatments.
Leejam, with 155 centres across Saudi Arabia and the UAE, is the leading operator of fitness centres in the Middle East and North Africa region.
Burjeel said it is also in “advanced discussions to operate and maintain a number of hospital assets in the kingdom”.
It is also separately negotiating partnerships for specialised medical care facilities.
Burjeel last year announced plans to enter Saudi Arabia, with investments of up to $1 billion through joint ventures and public-private partnerships.
Burjeel is well-positioned to “unlock new markets, explore mergers and acquisition opportunities and deliver exponential growth across the business”, Dr Vayalil said in November.
Burjeel Holdings, founded in 2007, has network of about 61 assets, including 16 hospitals and 23 medical centres as well as pharmacies and other services throughout the UAE and Oman.
The company, which listed in October on the ADX, raised more than Dh1.1 billion ($300 million) from an 11 per cent stake sale through the company's initial public offering.
The deal to sell more than 550.7 million shares drew strong demand from investors in the UAE and the wider region, and was more than 29 times oversubscribed. Total gross demand was more than Dh32 billion.
In November, Burjeel reported an almost 40 per cent drop in third-quarter net profit, but its revenue rose as the company said it was in its “strongest ever position” to increase growth after its IPO.
Net income for the three months to the end of September slipped to Dh46.6 million, down from Dh77.6 million from a year earlier, the company said in a bourse filing at the time.
Revenue for the third quarter rose more than 9 per cent to Dh933.1 million.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
Killing of Qassem Suleimani
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
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Mohammed bin Zayed Majlis
More from Neighbourhood Watch:
Rankings
ATP: 1. Novak Djokovic (SRB) 10,955 pts; 2. Rafael Nadal (ESP) 8,320; 3. Alexander Zverev (GER) 6,475 ( 1); 5. Juan Martin Del Potro (ARG) 5,060 ( 1); 6. Kevin Anderson (RSA) 4,845 ( 1); 6. Roger Federer (SUI) 4,600 (-3); 7. Kei Nishikori (JPN) 4,110 ( 2); 8. Dominic Thiem (AUT) 3,960; 9. John Isner (USA) 3,155 ( 1); 10. Marin Cilic (CRO) 3,140 (-3)
WTA: 1. Naomi Osaka (JPN) 7,030 pts ( 3); 2. Petra Kvitova (CZE) 6,290 ( 4); 3. Simona Halep (ROM) 5,582 (-2); 4. Sloane Stephens (USA) 5,307 ( 1); 5. Karolina Pliskova (CZE) 5,100 ( 3); 6. Angelique Kerber (GER) 4,965 (-4); 7. Elina Svitolina (UKR) 4,940; 8. Kiki Bertens (NED) 4,430 ( 1); 9. Caroline Wozniacki (DEN) 3,566 (-6); 10. Aryna Sabalenka (BLR) 3,485 ( 1)
Company%20Profile
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
The years Ramadan fell in May
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
