عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
TT

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.

Most Viewed

 
 
Business

Foreign Direct Investment in China Drops 28% in Five Months

A Tesla sign is seen on the Shanghai Gigafactory of the US electric car maker before a delivery ceremony in Shanghai, China January 7, 2020. Reuters
A Tesla sign is seen on the Shanghai Gigafactory of the US electric car maker before a delivery ceremony in Shanghai, China January 7, 2020. Reuters
TT
TT

Foreign Direct Investment in China Drops 28% in Five Months

A Tesla sign is seen on the Shanghai Gigafactory of the US electric car maker before a delivery ceremony in Shanghai, China January 7, 2020. Reuters
A Tesla sign is seen on the Shanghai Gigafactory of the US electric car maker before a delivery ceremony in Shanghai, China January 7, 2020. Reuters

Foreign direct investment (FDI) in China dropped 28.2% to reach 412.5 billion yuan (approximately $57.94 billion) during the first five months of 2024 from the same period last year, data released by the Chinese Ministry of Commerce said on Saturday.

Despite the decline, 21,764 new foreign-invested firms were established across China in the reporting period, an increase of 17.4%, Xinhua News Agency quoted the Ministry as saying.

“The scale of foreign investment in actual use is still at a historically high level,” according to a ministry official, who attributed the decline mainly to a high comparison base last year.

The manufacturing sector attracted 28.4%, or ¥117.1 billion, of the total FDI inflow, up 2.8% points from the same period last year and indicating continued improvement in investment structure.

FDI inflows into smart consumer equipment manufacturing and professional technical services increased 332.9% and 103.1% year-on-year, respectively.

Meanwhile, China sees significant improvement in the World Competitiveness Ranking 2024 thanks to its strong economic performance, said Arturo Bris, director of the International Institute for Management Development (IMD) World Competitiveness Center.

The new ranking released by the IMD on Tuesday showed that Singapore is the world's most competitive economy, while China is rapidly closing the gap climbing by seven positions thanks to its strong economic recovery post-pandemic.

“The Chinese performance this year is interesting. There is a significant improvement of seven positions. It is one of the countries that has improved the most. Certainly, we see China climbing to the top 10 sooner rather than later,” Bris told Xinhua via video link on Tuesday regarding the ranking.

“China has now reached the 14th position after ranking 21st last year. This is first of all explained by the strong performance of the economy after COVID,” he said.

“There has been improvement in corporate governance practices of Chinese companies and there is better access to talent and financing of technologies in companies. All in all, this points out to a more favorable business environment provided by the government,” Bris said.

Asia is the big winner this year and countries like China, Singapore, Thailand, and Indonesia all improved their positions in the competitiveness ranking, he said.

In the coming years, there will be more fragmentation and protectionism in the global economy, Bris added.

“Countries that have better domestic markets, access to commodities and natural resources like China, are going to perform much better compared to Europe or Latin America. China is going to perform very well in a fragmented economy,” the IMD director noted.

The World Competitiveness Ranking 2024 showed that Switzerland ranked second, and Denmark ranked third.

The ranking also showed that emerging markets are catching up with more advanced economies, especially in the areas of innovation, digitalization, and diversification.