Abu Dhabi's M42 takes next step after becoming Middle East's biggest healthcare firm

Dubai: Abu Dhabi headquartered M42 has gone in for a brand new operating structure. Already the largest healthcare company in the Middle East, the new structure will further ease M42’s presence not just in the UAE but across key markets outside.

The company itself was created in 2022 through a coming together of Abu Dhabi wealth fund Mubadala’s healthcare assets with those of G42. Now, M42 has created four verticals to support its more than 480 clinics in 26 countries. It employs over 20,000 across its operating entities.

There is also a clear appetite for ‘strategic mergers and acquisitions’ among other possibilities.

“We are always open to new opportunities and constantly assess potential deals locally and globally,” said Hasan Jasem Al Nowais, Managing Director and Group CEO of M42.

“A big focus for us is also partnerships to help advance our healthcare precision, prevention and prediction agendas.

“We continue to assess opportunities globally. We are progressing plans of taking our specialties to new markets and are in discussions with various partners aligned to our strategic priorities.

“AI life sciences is a big priority for M42 and we are engaging with companies in this space.”

The new structure will cover:

Global patient care: This sees the integration of its UAE based and overseas healthcare assets, which are represented by 480 clinics in 26 countries. Together, they treat 15 million patients annually. Dimitris Moulavasili will be the CEO of this division.

Integrated health solutions: This division’s focus is on national healthcare programs and population health. It will include M42’s focus on genomics, biobank, data services, environmental sciences, and clinical research and trials. Dr. Fahed Al Marzooqi will lead this entity.

Digital health solutions: This platform will scale up digital- and AI-based solutions for better patient outcomes. The aim is to ‘empower healthcare providers and ecosystems and improve healthcare access in the UAE and abroad’, says a statement. Kareem Shahin will serve as CEO.

AI life sciences will be targeting drug discovery and development. This ‘platform will harness AI and partnerships across the life sciences value chain and focus on building M42’s capabilities in space’. Dr. Fahed will be acting CEO until a chief executive is appointed.

According to Al Nowais, “This is not just an evolution of M42; it’s a defining chapter in our growth journey to positively impact lives locally and globally.”

Widening Gulf presence

It was recently that M42 moved into Bahrain in partnership with the Kingdom’s sovereign wealth fund, Mumtalakat. It also expanded its northern emirates presence after entering a strategic investment partnership with the UAE’s Ministry of Defence. Zayed Military Hospital in Al Batayeh, Sharjah. (It has now been renamed Sheikh Sultan bin Zayed Hospital.)

In 2023, M42 acquired Diaverum, a renal care service provider, from Bridgepoint Group. Diaverum is currently the world’s third-largest provider of dialysis services, operating across 24 countries, with 450 clinics and over 13,000 employees.

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