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A new healthcare player to enter the scene:Prominent VC investors of Shark Tank fame Allianz Middle East Ship Management General Manager Ahmed Tarek Khaliland Mohamed Farouk have invested USD 100 mn to set up a healthcare firm, Khalil told Asharq Business. The two are yet to name the new company, Khalil added.
Grand plans: The company — of which each partner will own a 50% stake — will be responsible for establishing 1k clinics targeting lower to middle income patients, diagnostic laboratories, and pharmacies over the next three years, according to Khalil.
The local healthcare sector has had considerable interest from investors this year: In the first few months of 2024, news broke that China State Construction Engineering Corporation — the largest construction company in the world by revenue — is in talks with the government to build a medical city project on the outskirts of the new capital. The local arm of UK conglomerate NHMC Group was also awarded a plot of land to set up a USD 300 mn medical and educational complex in Shorouk City.
These are welcome developments for the state: President Abdel Fattah El Sisi insisted that legislative steps be taken to increase the role of the private sector in Egypt’s healthcare in late March after the Madbouly government shared its target to raise the private sector’s share in healthcare to 50% by 2027 — up from a current 30% — in the next fiscal year.
Egyptian-Emirati healthcare cooperation? Health Minister Khaled Abdel Ghaffar discussed health cooperation with the Abu Dhabi Health Department head Mansour Al Mansouri on the sidelines of Abu Dhabi’s Global Healthcare Week, a ministry statement said. The two discussed collaborating to help establish a virtual hospital — an online platform that offers patients the option of attending checkups and talking to doctors online.
Cooperation with Greece is also on the agenda: Abdel Ghaffar also discussed healthcare cooperation with his Greek counterpart Adonis Georgiadis on the sidelines of the event, according to a separate ministry statement. The pair explored cooperation in building and upgrading healthcare facilities, exchanging knowledge, and enhancing medical tourism between the two countries.
