NMC Healthcare, the UAE’s largest private sector healthcare provider, yesterday laid the foundation for a new $200 million speciality hospital in the capital to be built in Khalifa City-A. The investment outlay for the project is until 2016.
“NMC’s expansion is being funded through $180 million in equity and $150 million of syndicated debt arranged by a consortium led by JP Morgan. The interest on the 5-year syndicated debt is 3.5 per cent over one-month Libor,” Prashant Manghat, NMC Health Group chief financial officer told Gulf News.
NMC, which is listed on the London Stock Exchange under the name NMC Health plc, will have 250 beds at the new hospital that will eventually feature 23 specialties.
“The first phase of the new hospital is due to be opened by the end of 2014 and will begin with an umbrella of specialised medical care encompassing emergency services, intensive care, paediatrics, cardiology, ophthalmology, orthopaedics, and urology,” NMC said in a statement. Subsequent phased additions will mark the start-up of an extensive range of specialties including neurology, psychiatry, gastroenterology, nephrology and oncology, NMC added.
The Khalifa City hospital will be NMC’s fourth and largest integrated specialty hospital facility in the UAE, alongside its existing specialty hospitals in Abu Dhabi, Dubai and Al Ain. NMC also operates day surgery centres, outpatient clinics and pharmacies across the country, and earlier this week it commenced trial operations at the new Shaikh Khalifa General Hospital in Umm Al Qawain.
The construction contract for the new hospital was recently awarded to Larsen & Toubro (L&T) Construction who will serve as engineers and consultants on the project.
“We are targeting to treat local patients as well as those from across the GCC countries at our new hospital,” said B.R. Shetty, NMC Health’s managing director and chief executive.