Dubai-listed Amanat Holdings is consolidating its healthcare assets in the Middle East into a single platform with plans for a potential initial public offering of the new division as part of its growth strategy.
The new company, Amanat Healthcare, will have assets across the UAE, Saudi Arabia and Bahrain with an expected capacity of 1,000 beds within three years, the company said in a statement on Monday.
“Amanat Healthcare will be a market leader in long-term, post-acute and specialised care in the region,” Amanat’s chairman Hamad Alshamsi said.
“We will also look at further strategic options for Amanat Healthcare, including inorganic growth opportunities that generate synergistic benefits with our existing world-class portfolio and concurrently explore potential monetisation opportunities for Amanat Healthcare, which may include a regional initial public offering in the near-term.”
Listed on the Dubai Financial Market since 2014, Amanat’s paid-up capital is nearly Dh2.5 billion ($680 million).
Its mandate is to establish, acquire and integrate companies in the healthcare and education sectors with a focus on the Middle East and North Africa region.
Amanat’s healthcare assets include Cambridge Medical and Rehabilitation Centre (CMRC) in the UAE and Saudi Arabia, Sukoon, a provider of long-term and post-acute care services including extended critical care and home care medical services in Jeddah, Al-Malaki Specialist Hospital in Bahrain and the real estate assets of CMRC in Abu Dhabi.
The company reported a 14 per cent jump in its 2022 adjusted net profit on the back of higher revenue.
“The private healthcare market in the region continues to grow strongly, underpinned by favourable demographic and population trends in addition to a supportive government and regulatory environment designed to develop the sector to meet the growing needs of the population,” Amanat’s acting chief executive John Ireland said.
“The formation of Amanat Healthcare will enable Amanat to maximise the opportunity within the GCC through the creation of a new platform which combines quality specialised healthcare with strong financial performance.”
The latest announcement regarding a potential IPO comes as companies from the GCC continue to list their shares on regional stock markets amid an economic recovery from the coronavirus pandemic.
Middle East IPOs raised more than $23 billion last year from 48 listings, compared with $7.52 billion raised from 20 offerings in 2021. That was the highest share for the Gulf region after 2019, when Saudi Aramco went public in a $29 billion offering, the world’s largest.
Between announced and rumoured IPO plans, the GCC region is expected to float 27 to 39 companies this year, Kamco Invest said in a report earlier this year.
RESULTS
6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m
Winner Meshakel, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
Winner Gervais, Connor Beasley, Ali Rashid Al Raihe.
7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m
Winner Global Heat, Pat Cosgrave, Saeed bin Suroor.
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
Winner Firnas, Royston Ffrench, Salem bin Ghadayer.
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
Winner Rebel’s Romance, William Buick, Charlie Appleby
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
Winner Topper Bill, Richard Mullen, Satish Seemar
10pm Handicap (TB) Dh102,500 (T) 1,400m
Winner Wasim, Mickael Barzalona, Ismail Mohammed.
RESULTS
5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.
6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.
6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.
7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.
7.30pm: Maiden (TB) Dh80,000 1,600m
Winner: Dubai Canal, Harry Bentley, Satish Seemar.
Race card
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m
7.40pm: Handicap (TB) $135,000 (T) 2,000m
8.15pm: Handicap (TB) $135,000 (D) 1,600m
8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m
9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m
10pm: Handicap (TB) $135,000 (T) 2,000m
10.35pm: Handicap (TB) $175,000 (T) 1,400m
The National selections
6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
