GE Healthcare and Gulf Capital join hands to create MENA region’s largest chain of medical diagnostic and healthcare service centers
• Strategic alliance will design, develop and implement a regional platform for the delivery of healthcare services
• Initial focus on Egypt and Saudi Arabia, followed by a greater regional expansion
Dubai, UAE; January 30, 2010: GE Healthcare, the healthcare business subsidiary of General Electric Company (GE), has signed a strategic alliance agreement with Gulf Capital, one of the largest private equity firms in the Gulf, to develop the largest regional chain of medical diagnostic and healthcare service centers. GE Healthcare will offer strategic support to Gulf Capital’s healthcare portfolio company investments, and the two companies will collaborate closely to roll out and grow these investments into regional platforms offering world-class services.
The partnership will focus on a two-pronged approach of acquiring existing companies as well as launching greenfield operations with extended services including medical imaging, laboratory services, physiotherapy, dialysis services and oncology. The agreement provides Gulf Capital with access to the full range of GE Healthcare’s international commercial offerings, solutions and services.
The strategic alliance will focus on the delivery of world-class health care services in Egypt and Saudi Arabia, two of the most populous countries in the MENA region, followed by an expansion at a later stage in other high growth markets.
Both parties will have access to and work closely with GE Capital Markets Corporate (CMC), an affiliate of GE Healthcare, to gain access to a wide range of financing solutions including equipment financing and financial advisory services. Gulf Capital will also have access to GE Healthcare’s global network of strategic and financial partners.
Commenting on the strategic alliance, Dr. Karim El Solh, Chief Executive Officer of Gulf Capital said: “We are pleased to partner with GE Healthcare on the launch of such an exciting regional platform in the growing healthcare market in the MENA region. GE Healthcare brings deep industry expertise and a wide range of medical technologies and services and represents an ideal partner. Gulf Capital and GE Healthcare share the same “healthymagination” vision of improving the quality and delivery of healthcare services across the MENA region.”
Aziz Koleilat, General Manager of GE Healthcare for the Middle East region, said: “GE Healthcare is pleased to enter into a strategic partnership with Gulf Capital, one of the most dynamic and active private equity firms in the Middle East. This strategic alliance agreement is a perfect complement to GE’s healthymagination initiative in the region.
Creating a network of medical diagnostic and healthcare service centers across the region will serve as a key milestone in achieving our goal of earlier diagnosis through the use of innovative technologies, products and services,” explained Koleilat. “The collaboration with Gulf Capital will help create a robust model for the delivery of healthcare services in the region, with GE Healthcare providing access to the latest in diagnostic, interventional and healthcare information technologies.”
Through the strategic alliance, Gulf Capital will also have access to the full range of GE’s global business practices and the GE toolkit of best practices through informal sharing or programs to be developed jointly.
Advanced diagnostic services are of critical importance to the Middle East region, which has increasing incidence of lifestyle diseases such as diabetes, heart conditions and obesity-related problems. Earlier diagnosis helps to address these problems effectively and also help manage the rising healthcare bills, expected to grow fivefold to US$60 billion by 2025.
Note to Editors
About GE Healthcare:
GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. Our broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions services help our customers to deliver better care to more people around the world at a lower cost. In addition, we partner with healthcare leaders, striving to leverage the global policy change necessary to implement a successful shift to sustainable healthcare systems.
Our “healthymagination” vision for the future invites the world to join us on our journey as we continuously develop innovations focused on reducing costs, increasing access and improving quality and efficiency around the world. Headquartered in the United Kingdom, GE Healthcare is a US$17 billion unit of General Electric Company (NYSE: GE).
Worldwide, GE Healthcare employs more than 46,000 people committed to serving healthcare professionals and their patients in more than 100 countries. For more information about GE Healthcare, visit our website at www.gehealthcare.com.
About Gulf Capital:
Gulf Capital is a leading alternative investment company focused primarily on investing in the growing GCC region. Incorporated in Abu Dhabi in 2006 as a Private Joint Stock Company, Gulf Capital was established with a capital base of AED 1.225 billion (USD 330 million) from 300 of the most prestigious institutional and individual investors in the Gulf. The Firm is currently investing its GC Equity Partners II Fund of $500 million raised from regional and global institutions.
Gulf Capital is focused on acquiring sizeable and controlling stakes in highly profitable and rapidly growing companies within a select number of fast-growing industries in the GCC. With a number of alternative investment initiatives such as private equity and real estate, Gulf Capital is rapidly emerging as a leader in the field of alternative investments in the Middle East.
For further information, please contact:
Kelly Home/ Nivine William
Tel: +9714 334 4550