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NMC Health receives regulatory approvals for long-term care facility in Saudi Arabia

25 September 2017 09:57

NMC Health received all regulatory approvals for its long-term care facility, Chronic Care Specialty Medical Center (CCSMC), in Jeddah, Kingdom of Saudi Arabia (KSA).

CCSMC is believed to be one of the first greenfield medical facilities in Saudi Arabia to be established by a non-KSA company.

NMC is delivering against its well-defined strategy for expanding into KSA.

In line with the growth strategy set in 2016, NMC Health has adopted a three-pronged strategy to pursue its expansion plans in KSA through both organic and inorganic growth:

1. Offering specialized services such as long-term care, home health and fertility in larger tier-1 cities where competition remains high in the multi-specialty segment.

2. Targeting assets under any of NMC's verticals in tier-2 cities which lack adequate medical services and continue to receive lesser investment than the larger cities.

3. Pro-active participation in the privatization process planned by the KSA government, including any Operation & Management opportunities that become available.

NMC CEO Prasanth Manghat stated: "NMC would like to thank the Saudi government for the support it has offered us during the regulatory approval process.

"As one of the first foreign entrants into the KSA healthcare sector, we have learned a great deal over the past year and intend to use this knowledge to better navigate the Saudi regulatory landscape moving forward.

"With a total licensed capacity now at about 700 beds, we see the Kingdom as an important part of NMC's growth strategy and will continue to identify areas in which we can fill gaps in the country's healthcare offerings." At 8:05am: (LON:NMC) NMC Health PLC share price was -11p at 2662p At 9:54am: (LON:NMC) NMC Health PLC share price was +24.5p at 2697.5p At 9:55am: (LON:NMC) NMC Health PLC share price was +24.5p at 2697.5p At 9:57am: (LON:NMC) NMC Health PLC share price was +26.5p at 2699.5p At 9:57am: (LON:NMC) NMC Health PLC share price was +26.5p at 2699.5p

Story provided by StockMarketWire.com

Related Company: NMC

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