Dubai-based private equity firm Abraaj Group, today announced the formation of the North Africa Hospital Holdings Group (NAHHG), a healthcare investment platform to enhance the quality and accessibility of health care in Egypt and Tunisia.
“Our investment in the North Africa Hospital Holdings Group is based on our capacity to bring our deep global experience in health care to markets that need and stand to benefit the most from them,” said Ahmed Badreldin, Partner and Head of Middle East and North Africa at The Abraaj Group.
“Over the past six months, we have set in place several initiatives in each hospital, including soft skills training for staff, upgrading ER and radiology facilities, establishing global governance standards, improving medical services offerings and hiring skilled physicians. By expanding the healthcare platform across North Africa, we are confident in raising the standard for quality and affordable healthcare in the region.”
The investment was done in partnership with leading development financial institutions – the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- und Entwickungsgesellschaft mbH(DEG), and the Société de Promotion et de Participation pour la Coopération Economique S.A. (Proparco).
The Abraaj Group, with $145 million, will be the main investor in the healthcare investment platform while the EBRD is making an equity investment of $25 million, DEG and Proparco are providing $15 million each.
In addition to addressing supply shortages, NAHHG will use its platform and resources to improve service quality, enhance operational efficiency, invest in the latest medical technology and apply the best global health care practices to local markets. Investing in human capital development, training and skills upgrade would dramatically improve patient-care standards and create employment opportunities across the healthcare sector, a statement by Abraaj said.
The NAHHG platform encompasses four hospitals to date — Cleopatra Hospital and Cairo Medical Centre in Egypt, and Clinic Taoufik and Clinic La Soukra in Tunisia. Development and upgrade projects are already underway in these hospitals with initiatives such as nursing staff training programmes (clinical and soft skills); acquisition of the latest radiology and imaging equipment to improve diagnostic capabilities; upgrades for operating theatres to support new medical procedures and renovation projects for facilities and infrastructure.
