NMC Health focuses on organic expansion after ditching Al Noor bid

Emirates-based healthcare provider NMC Health reiterated its commitment to expanding capacity in the UAE and elsewhere, having announced earlier in the week that it had abandoned its bid for Al Noor Hospitals.

NMC said on Monday that after a thorough assessment of the opportunity, it had concluded that the potential transaction with Al Noor “would not deliver sufficient returns or shareholder value in line with its stated policy”.

On Thursday, it looked as though the company was putting all that behind it.

The group said it has reviewed and assessed multiple proposed inorganic, organic and partnership opportunities over the past year and continues to be highly selective and disciplined in its investment process.

Deputy chief executive Prasanth Manghat said: "Over the past year we continued to execute our updated strategy in a highly dedicated and methodical manner with full focus on meeting our strategic objectives and delivering sustainable long-term growth, strategic and competitive advantages and shareholder returns.

"We look to the future and continue to see very favourable healthcare market dynamics and substantial growth opportunities for NMC Health in the UAE and the wider region."

NMC said it has completed four strategic and value-accretive acquisitions in the year to date, including fertility treatment company Clinica Eugin, ventilated care provider ProVita, homecare services provider Americare and UAE-based primary care provider Dr. Sunny Network.

The company expects to have 885 licensed beds available by the end of this year and a network of medical centres and day surgeries.

At 1430 GMT, NMC shares were down 0.4% at 764p.