Dubai Financial Market-listed Amanat Holdings announced on Tuesday that its portfolio company, International Medical Center, has agreed to the acquisition of three medical facilities in Jeddah, Saudi Arabia.
The completion of acquisition is pending regulatory and legal approvals of the Ministry of Health in Saudi Arabia, a statement said.
IMC is a tertiary care hospital, with an existing 300 bed capacity, located in Jeddah. Amanat which is one of the GCC’s largest healthcare and education investment companies, holds a 13.18 percent stake in IMC within its healthcare investments.
“IMC intends to enhance and upgrade the level of services provided by the acquired healthcare facilities and deploy a hub-and-spoke model to successfully deliver this growth strategy,” the statement added.