Saudi’s Elaj extends acquisition spree with stake in under-construction paediatric hospital

M&A WATCH- Elaj Group continues healthcare acquisition spree: Saudi Arabia’s Elaj Group has acquired a majority stake in Cairo Clinic Children’s Hospital in transaction worth EGP 9 mn, sources close to the matter tell Al Mal. The EGP 60 mn hospital remains stalled in the construction stage after running into financing challenges, the sources suggest. Under the agreement, Elaj will provide the majority of the financing for the hospital and will issue tenders to complete the construction and finishing. The facility is slated to open at the beginning of next year. The Saudi group has already acquired Alexandria International Hospital and Ibn Sina Specialized Hospital and picked up stakes including 74% of clinical laboratory group Cairo Labs and a 15% stake in the International Eye Hospital.