Al Noor Hospitals

Last updated
Al Noor Hospitals Group plc
Company type Public limited company
LSE:  ANH
Industry Hospital management
Founded1985
Defunct2016
Headquarters Abu Dhabi City, UAE
Key people
Ian Tyler (Chairman)
Ronald Lavater (CEO)
Revenue $449.1 million (2014) [1]
$85.4 million (2014) [1]
$82.0 million (2014) [1]
Number of employees
4,500 (2016) [2]
Website www.alnoorhospital.com

Al Noor Hospitals Group plc was a business operating medical-surgical facilities located in Abu Dhabi City, United Arab Emirates. The company transformed healthcare in Abu Dhabi under the leadership of Dr Kassem Alom and Sheikh Mohammed Bin Butti and for many years the company was the largest healthcare operator in Abu Dhabi: it had a market share of 39% at the time of its initial public offering. [3] It also provided support for several major humanitarian operations in the region including relief for the victims of Bam earthquake in southern Iran in 2003 and setting up the Emirates International Humanitarian Mobile Hospital in the remote town of Juba in southern Sudan in 2009.

Contents

It was listed on the London Stock Exchange until it merged with Mediclinic International in a transaction which valued Al Noor Hospitals at £1.4 billion (US$2.1 billion) in February 2016. [4]

History

The company was first established as an eight-bed operation on Hamdam Street in Abu Dhabi by Dr Kassem Alom and Sheikh Mohammed Bin Butti in 1985. [5] Dr Kassem Alom originally came from Syria and trained in Spain before practicing at Charing Cross Hospital in London: when he arrived in Abu Dhabi there was no healthcare provision other than a group of caravans known as "Central Hospital". [6] [lower-alpha 1] Through organic growth, Alom expanded the business such that the company secured a major share of the healthcare market in Abu Dhabi. [5] Zayed bin Sultan Al Nahyan, the ruler of Abu Dhabi and President of the United Arab Emirates subsequently went to Al Noor Hospitals for treatment. [6] Alom was subsequently appointed to the supreme council of the Ministry of Health. [6]

Al Noor Hospitals benefited from the financial support of Sheikh Mohammed bin Butti Al Hamed, who was at the time of the founding of the business, chairman of the municipality of Abu Dhabi and the Ruler's representative in the Western Region. [2] It also received financial backing from Ithmar Capital. [2] The company became the first healthcare business to open a fertility unit in the country in 1993. [2] The company's second facility was at Khalifa Street, a small polyclinic facility established in 2001, that grew until it had 1,200 patients. [2]

In 2003 the company led an initiative to provide emergency medical treatment to the victims of Bam earthquake in southern Iran; working with the Emirates Red Crescent, it sent a team of doctors and paramedics together medicines worth Dh 0.5 million (US$135000; £106,000). [8] The company expanded further with the opening of a 50-bed hospital in Al Ain in 2006. [2] The company was also involved in lobbying for and, ultimately, benefited from the introduction of compulsory medical insurance, which led to higher per capita health spending, in Abu Dhabi in 2007. [2] [9]

The company supported the Emirates Red Crescent and the Department of Health again, this time in setting up the Emirates International Humanitarian Mobile Hospital in the remote town of Juba in southern Sudan in 2009. [10] The mobile hospital, which was the region's first civilian field hospital, was 26 metres (85 ft) long and offered air-conditioned intensive care unit, operating theatre and pharmacy facilities. [10] The business considered seeking a listing on a recognised stock exchange in 2011 but abandoned plans because of weak market conditions in the wake of the financial crisis of 2007–2008. [11]

Al Noor Hospitals was the subject of an initial public offering, which raised £221 million in June 2013. [12] [13] The flotation valued the company at £672 million (US$1.04 billion) and provided funds for future expansion in the gulf states were money is available but where diabetes is prevalent. [14] The company made three acquisitions in the United Arab Emirates in 2014 including the Gulf International Cancer Centre, the only private cancer treatment centre in Abu Dhabi. [15] [16] The acquisition of the Gulf International Cancer Centre, was an important strategic step by the company in the context that while, cancer is widespread around the world, like diabetes, it also very prevalent in the region. [2] In September 2014 Dr Kassem Alom stood down as Chief Executive and handed over to Ron Lavater, who had previously managed Corniche Hospital in Abu Dhabi and joined from Johns Hopkins Medicine International. [2] [15]

Continued growth led to Al Noor Hospitals entering the FTSE 250 Index of leading companies in October 2014. [17] The company which had first performed open heart surgery in 2003, established a 24-hour cardiology department at the Al Noor Hospital on Airport Road in Abu Dhabi in November 2014. [18] [19] In August 2015, the company entered into leases to expand its existing facilities at Airport Road in Abu Dhabi, at Khalifa Street in Abu Dhabi and at Al Ain Hospital in Al Ain. [20] [21]

On 14 October 2015 Mediclinic International announced a merger with Al Noor Hospitals. [22] Shortly thereafter NMC Health also announced a potential bid for Al Noor Hospitals, [23] as did VPS Healthcare on 20 October 2015. [24] [25] A major bidding battle for dominance of the healthcare market in the Gulf Region ensued [26] and, although NMC Health withdrew from the bidding on 16 November 2015, [27] [28] [29] it was not until 30 November 2015 that VPS Healthcare withdrew. [30] The final deal valued Al Noor Hospitals at £1.4 billion (US$2.1 billion). [30] One analyst even suggested that the bidding battle would result in the healthcare sector becoming the next mining sector in terms of its attractiveness to international financial markets. [31]

The merger between Al Noor Hospitals and Mediclinic International was completed on 15 February 2016. [4] The size of the merger resulted in Mediclinic joining the FTSE 100 Index of leading companies in March 2016. [32]

Operations

The company operated 227 operational beds at primary, secondary, and tertiary care through three hospitals (Airport Road in Abu Dhabi, Khalifa Street in Abu Dhabi and Al Ain Hospital in Al Ain) and nine medical centres. [12] At the time of its flotation its market share in Abu Dhabi was 39%, more than double its nearest competitor. [3] It employed 4,500 people, including 550 doctors. [2]

Notes

  1. ↑ Central Hospital continued to provide a basic healthcare service to people of all nationalities and ethnic communities and ultimately closed in 2008. [7]

Related Research Articles

<span class="mw-page-title-main">United Arab Emirates</span> Country in West Asia

The United Arab Emirates, or simply the Emirates, is a country in West Asia, in the Middle East. It is located at the eastern end of the Arabian Peninsula and shares borders with Oman and Saudi Arabia, while also having maritime borders in the Persian Gulf with Qatar and Iran. Abu Dhabi is the country's capital, while Dubai, the most populous city, is an international hub.

<span class="mw-page-title-main">Al Ain</span> City in Abu Dhabi, UAE

Al Ain is a border city on the eastern side of Tawam oasis and the seat of the administrative division, the Al Ain Region, in the Emirate of Abu Dhabi, United Arab Emirates. It is bordered to the east by the Omani town of Al-Buraimi in the Al Buraimi Governorate. It is the largest inland city in the Emirates, the fourth-largest city, and the second-largest in the Emirate of Abu Dhabi. The freeways connecting Al-Ain, Abu Dhabi, and Dubai form a geographic triangle in the country, each city being roughly 130 kilometres (81 mi) from the other two.

<span class="mw-page-title-main">Aldar Properties</span> Real estate development, management and investment company

Aldar Properties PJSC is a real estate development, management and investment company with headquarters in Abu Dhabi, United Arab Emirates. The company's shares are traded on the Abu Dhabi Securities Exchange.

NMC Health is a healthcare chain and distribution business in the United Arab Emirates (UAE). The company is headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates. The company operates and manages over 200 facilities in 19 countries.

<span class="mw-page-title-main">Abu Dhabi National Oil Company</span> UAE state-owned oil company

The Abu Dhabi National Oil Company, known by its acronym ADNOC, is the state-owned oil company of the United Arab Emirates (UAE).

<span class="mw-page-title-main">Emirate of Abu Dhabi</span> Constituent emirate of the United Arab Emirates

The Emirate of Abu Dhabi is one of seven emirates that constitute the United Arab Emirates. It is the largest emirate, accounting for 87% of the nation's total land area or 67,340 km2 (26,000 sq mi).

<span class="mw-page-title-main">Healthcare in the United Arab Emirates</span>

The United Arab Emirates has enacted federal legislation to require universal healthcare, but this has not yet been implemented by all seven emirates. Healthcare is provided for all nationals. While health insurance is set to be mandated for citizens of other countries. Employers are to be required to provide health insurance for expatriate workers. In the UAE employers must also provide health insurance for up to one spouse and three dependents, while in Dubai expats are required to provide insurance for their dependents.

<span class="mw-page-title-main">Abu Dhabi</span> Capital of the United Arab Emirates and the Emirate of Abu Dhabi

Abu Dhabi is the capital of the United Arab Emirates. The city of Abu Dhabi is the capital of the Emirate of Abu Dhabi and the UAE's second-most populous city after Dubai.

<span class="mw-page-title-main">Noor Bank</span> Islamic bank in Dubai, United Arab Emirates

Noor Bank was established in January 2008, in Dubai - United Arab Emirates.

<span class="mw-page-title-main">B. R. Shetty</span> Indian businessman

Bavaguthu Raghuram Shetty, commonly known as B.R. Shetty, is an Indian-born businessman and former-billionaire, the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi-based NMC Health, Neopharma, BRS Ventures, and Finablr.

<span class="mw-page-title-main">Hazza bin Zayed Al Nahyan</span> Emirati politician

Sheikh Hazza bin Zayed bin Sultan Al Nahyan is the younger brother of the President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, former National Security Advisor of the UAE and Deputy Chairman of Abu Dhabi Executive Council.

Kanad Hospital is a hospital in Al Ain, United Arab Emirates, that was established in 1960 by the American missionary couple Drs. Pat and Marian Kennedy. It is the oldest hospital in Al Ain and the second oldest in the United Arab Emirates. It is currently a 200 bedded facility.

<span class="mw-page-title-main">Aster DM Healthcare</span> Healthcare company in Gulf countries and India

Aster DM Healthcare Limited is a multinational for-profit private hospital network founded by Azad Moopen in 1987. The company has its corporate headquarters in Dubai, UAE, and is registered in Bangalore, India. Aster DM Healthcare currently operates hospitals, medical centres, diagnostic centres, laboratories and pharmacies in six GCC countries and India. The corporation works in a variety of economic sectors through its brands Aster, Medcare, and Access.

<span class="mw-page-title-main">Shamsheer Vayalil</span> Indian physician, entrepreneur and philanthropist

Shamsheer Vayalil Parambath is an Indian radiologist and businessman. He is the founder and chairman of Burjeel Holdings. Through VPS Healthcare, his family office, he oversees an extensive investment portfolio including Burjeel Holdings, RPM, LifePharma, Lakeshore Hospital, Ziva, Keita, and Educare Institute. As of April 2023, Vayalil has a net worth of US$2.4 billion.

VPS Healthcare is a multinational healthcare group headquartered at Abu Dhabi, United Arab Emirates. The group was founded in 2007 by Indian-born businessman Shamsheer Vayalil. The healthcare group now runs 23 hospitals and about 125 medical centres spread across the Middle East, Europe, and India.

Al Zahra Hospital, Sharjah, is a private general hospital in Sharjah, United Arab Emirates (UAE). Al Zahra serves some 400,000 outpatients and 23,000 inpatients annually, with a capacity of 137 beds.

Abdulla bin Mohamed Al Hamed was the Chairman of the Department of Health in the Emirate of Abu Dhabi and a member of Abu Dhabi Executive Council

GK Investment Holding Group SA is a Lugano-based private equity and investment firm whose primary focus is in the healthcare Real Estate, Private Equity and Consultancy sector. The principal areas of investment interest are in Africa, Europe, and the Middle East.

The Abu Dhabi Investment Office (ADIO) was launched with the objective of helping investors and companies of all sizes establish, grow and develop their business in the Emirate of Abu Dhabi.

References

  1. 1 2 3 "Preliminary Results 2014" (PDF). Al Noor Hospitals. Archived from the original (PDF) on 2 April 2015. Retrieved 30 March 2015.
  2. 1 2 3 4 5 6 7 8 9 10 "Al Noor Hospitals founder laid healthcare foundation". The National. 23 September 2014. Retrieved 12 September 2020.
  3. 1 2 "Al Noor Hospitals IPO raises $342m". Khaleej Times. 12 June 2013.
  4. 1 2 "Al Noor Hospitals completes merger with Mediclinic". Digital Look. 15 February 2016. Retrieved 15 February 2016.
  5. 1 2 "Ithmar Capital takes Al Noor Hospitals Group through IPO on London stock exchange". Ithmar Capital. 22 June 2013. Archived from the original on 26 June 2013. Retrieved 13 September 2013.
  6. 1 2 3 "Interview: Dr Kassem Alom". Arabian Business. 17 February 2014. Retrieved 12 September 2020.
  7. ↑ "Central Hospital of Abu Dhabi: Forty Years of Service to the Community (1968-2008)". 1 March 2013. Retrieved 12 September 2020.
  8. ↑ "Hospital to send drugs". Khaleej Times. 30 December 2003. Retrieved 12 September 2020.
  9. ↑ "Better care: Capacity is being expanded and there are significant opportunities in some specialty areas". Oxford Business Group. Retrieved 12 September 2020.
  10. 1 2 "A journey with caring at its heart". The National. 11 July 2009. Retrieved 12 September 2020.
  11. ↑ "Al Noor Hospitals picks London Stock Exchange for $150m initial public offering". The National. 29 May 2013. Retrieved 12 September 2020.
  12. 1 2 "Al Noor Hospitals London IPO may start a trend for UAE companies". The National. 1 June 2013. Retrieved 13 September 2013.
  13. ↑ "Al Noor Hospitals float raises £221m and hints at IPO appetite". Financial Times. 21 June 2013.
  14. ↑ "Al Noor Hospitals valued at $1 billion in London listing". Reuters. 21 June 2013. Retrieved 12 September 2020.
  15. 1 2 "New boss for Al Noor". Investors Chronicle. 12 August 2014. Retrieved 12 September 2020.
  16. ↑ "Al Noor Hospitals hires new operations chief amid expansion plans". Arabian Business. 6 February 2015.
  17. ↑ "Al Noor Hospitals Group PLC (UK): Investability Weight Change: Changes In FTSE Indices". FTSE Russell. 2 October 2014. Retrieved 12 September 2020.
  18. ↑ "Al Noor Hospital expands cardiology department". The National. 11 November 2014. Retrieved 12 September 2020.
  19. ↑ "Al Noor Hospital Airport Road Campus launches a 24-hour Heart Attack Center". AME Info. 11 November 2014. Retrieved 12 September 2020.
  20. ↑ "UEA's Al Noor Group to expand Abu Dhabi Hospitals". Construction Weekly. 10 August 2015.
  21. ↑ "Al Noor Hospitals agrees Dh1bn deal to expand three Abu Dhabi sites". The National. 9 August 2015. Retrieved 12 September 2020.
  22. ↑ "Mediclinic International and Gulf group Al Noor agree on tie-up". Business Day Live. 14 October 2015. Archived from the original on 2015-10-15. Retrieved 3 February 2016.
  23. ↑ "Abu Dhabi's NMC Health vows to fight on for Al Noor merger". The National. 14 October 2015. Retrieved 12 September 2020.
  24. ↑ "Al Noor Hospitals confirms interest from VPS Healthcare". Sharecast. 20 October 2015. Retrieved 12 September 2020.
  25. ↑ "VPS Healthcare to proceed with bid for Al Noor Hospitals". The National. 2 November 2015. Retrieved 12 September 2020.
  26. ↑ "Battle brews for UAE healthcare dominance and Al Noor control". Financial Times. 14 October 2015. Retrieved 12 September 2020.
  27. ↑ "NMC Healthcare pulls out of race for Abu Dhabi rival Al Noor Hospitals". The National. 16 November 2015. Retrieved 12 September 2020.
  28. ↑ "NMC Health bows out of race for Al Noor Hospitals". The Telegraph. 16 November 2015. Retrieved 12 September 2020.
  29. ↑ "NMC Health abandons bid for Al Noor Hospitals". Sharecast. 13 September 2020. Retrieved 12 September 2020.
  30. 1 2 "VPS Healthcare says won't make an offer for Al Noor Hospitals". Reuters. 30 November 2020. Retrieved 12 September 2020.
  31. ↑ "Is healthcare the new mining". Charles Staanley Direct. 2 November 2015. Retrieved 12 September 2020.
  32. ↑ "Hospital group Mediclinic checks into FTSE 100". The Telegraph. 21 March 2016. Retrieved 12 September 2020.

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.