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UAE’s PureHealth Acquires UK’s Largest Private Healthcare Group

General view of Abu Dhabi, United Arab Emirates, Jan. 3, 2019. REUTERS/Hamad I Mohammed
General view of Abu Dhabi, United Arab Emirates, Jan. 3, 2019. REUTERS/Hamad I Mohammed
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UAE’s PureHealth Acquires UK’s Largest Private Healthcare Group

General view of Abu Dhabi, United Arab Emirates, Jan. 3, 2019. REUTERS/Hamad I Mohammed
General view of Abu Dhabi, United Arab Emirates, Jan. 3, 2019. REUTERS/Hamad I Mohammed

PureHealth, the largest healthcare platform in the Middle East, has announced the successful completion of its strategic acquisition of Circle Health Group, the UK’s largest independent operators of hospitals, marking a significant milestone in the company's global expansion strategy, Emirates News Agency (WAM) reported Sunday.

The completion of this deal, which has achieved regulatory approvals in record time, signifies PureHealth’s exceptional operational capabilities and commitment to international growth.

The completion of this transaction further strengthens PureHealth’s commitment to becoming a leading global player in healthcare. With a vision aligned with the UAE leadership to promote wellbeing and enhance healthcare services, PureHealth is dedicated to continuously improving patient experience and adopting the most advanced clinical practices. The company’s expansion into the UK healthcare market reflects its focus on advancing the science of longevity and unlocking time for humanity, WAM said.

“We are pleased to complete the acquisition of Circle in record time,” said Chairman of the Board of Directors of PureHealth Hamad Al Hammadi.

“This remarkable achievement epitomizes PureHealth's operational excellence and strategic adaptability in broadening its international impact. After investing in Ardent Health USA, this is PureHealth’s second international acquisition and we look forward to building our portfolio internationally.”

“Completing the acquisition of Circle is a strategic leap forward for PureHealth,” said Farhan Malik, Managing Director of PureHealth.

He described the acquisition as “a significant stride towards establishing PureHealth as a global healthcare platform.”

“We are not just investing in the future of healthcare; we are shaping it to be more connected, innovative, and accessible on a global scale. This move aligns with our vision of pioneering a healthier future for all and underscores our commitment to elevating the global position of Abu Dhabi in the healthcare sector and revolutionizing healthcare services globally. We look forward to fostering long-term partnerships within the UK’s healthcare ecosystem,” Malik added.

Valued at around $1.2 billion before debt, this acquisition marks a significant investment in the future of healthcare, positioning PureHealth at the forefront of international healthcare innovation and service provision, WAM said.

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Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold halted its record run on Friday but remained on track for its best quarter since 2016 after a rally catalysed by an outsized US Federal Reserve interest rate cut, while markets braced themselves for a crucial inflation report due later in the day.

Spot gold was down 0.1% at $2,666.50 per ounce as of 1115 GMT, below the all-time peak of $2,685.42 hit in the previous session. It is heading for its best quarter since the first three months of 2016.

US gold futures fell 0.2% to $2,688.90, Reuters reported.

"The market at this point in time has priced in all the good news and there's also some hesitancy from fresh buyers to get involved at these record high levels," said Ole Hansen, head of commodity strategy at Saxo Bank.

Bullion has risen 29% so far this year, hitting successive record peaks after last week's half-percentage-point cut by the Federal Reserve and the stimulus measures announced by China earlier this week.

Silver prices surged, tracking bullion's strong performance, though some analysts warn that the rally may fade.

"Overall, industrial demand is still supportive for silver. But we need to have a stronger economic performance in China as well as in other developed countries," said ANZ commodity strategist Soni Kumari.

The surge in silver prices is more a spillover impact from gold, Kumari said.

Spot silver eased 0.1% to $31.98 per ounce, after hitting its highest since December 2012 at $32.71 on Thursday. It is set for a third straight week of gains.

"I do believe silver will continue to outperform gold. But as we all know, wherever gold goes, silver tends to go, but faster," Hansen added.

Both gold and silver serve as safe-haven investments, but the latter has more industrial applications, so tends to underperform during recessions and outperform when economies expand.

Inflows into gold exchange-traded funds, particularly from Western investors, are set to rise in coming months, adding yet more positive stimulus for already record high bullion prices. Some banks expect gold to rise towards $3,000.

In other metals, platinum was up 0.5% at $1,012.40 but palladium fell nearly 1.5% to $1,031.75.