Dubai: Dr B.R. Shetty, founder and managing director of the NMC Group, has sold two healthcare facilities — National Hospital and New National Medical Centre — to Al Aseel Investments LLC, a UAE-based Investment Company, a statement said.

Al Aseel Investments is managed by Al Masah Capital Management Limited.

Dr Shetty said: "National Hospital and New National Medical Center are two very good assets and we are sure that Al Masah Capital will help in growing and expanding the brand throughout the country and the region."

Both healthcare facilities were established in the mid-1990s and are located in Abu Dhabi, with National Hospital situated in the heart of the city and New National Medical Center in the Mussafah residential area, one of the busiest in Abu Dhabi.

Shailesh Dash, founder and CEO of Al Masah Capital, added: "We at Al Aseel Investments have the experience of operating assets in the region for the last five years and have always striven to make sound investments based on local know-how and experience."

The two facilities employ more than 300 people, offering services spanning the whole healthcare spectrum, and are equipped with sophisticated medical infrastructure. Each asset has a pharmacy in the same building.

The two facilities witnessed significant growth over the last few years, with their associated revenues doubling in less than three years.

The Abu Dhabi healthcare sector is a highly regarded investment sector in the region, with 99 per cent of the city's residents being privately insured.

Amitava Ghosal, partner at Al Masah, said, "This acquisition is a first for our company and the first on our health-care platform. We are looking at several other opportunities that will expand our portfolio further throughout the GCC and Mena region.

"Abu Dhabi has been one of the pioneers in the health-care sector in the region in terms of reforms and development and we are very happy to make a start from here."

Al Masah invested almost $250 million (Dh917.5 million) between 2005 and 2008 in the Mena health-care sector.