#AbuDhabi Wealth Fund ADQ to Form #UAE’s Largest Health-Care Firm - Bloomberg

Abu Dhabi Wealth Fund ADQ to Form UAE’s Largest Health-Care Firm - Bloomberg

Abu Dhabi is planning to create the largest health-care provider in the United Arab Emirates as demand for medical services rise.

ADQ, one of Abu Dhabi’s sovereign wealth funds, entered an agreement to consolidate several companies. Abu Dhabi Health Services Co., known as SEHA, and National Health Insurance Co., known as Daman, will merge into Pure Health. Tamouh Healthcare, Yas Clinic Group and Abu Dhabi Stem Cell Center will also become a part of the entity.

“Pure Health will be instrumental in transforming the provision of healthcare as we consolidate several companies into the platform,” ADQ’s CEO Mohamed Hassan Alsuwaidi said.

ADQ, which is headed by Sheikh Tahnoon Bin Zayed Al Nahyan, the country’s national security adviser and brother to Abu Dhabi’s crown prince, will become the largest shareholder in Pure Health. Other shareholders include Alpha Dhabi Holding, AH Capital, Ataa Financial Investments as well as International Holding Co., a company also led by Sheikh Tahnoon.

Pure Health, a company that has partnered with the UAE government to launch a Covid-19 screening initiative covering the nation’s airports, is in the process of going public, IHC’s Chief Executive Officer Syed Basar Shueb told Bloomberg last month.

“Going forward, Pure Health will actively seek expansion opportunities globally to further diversify its portfolio and leverage its success in the UAE,” Alpha Dhabi Holding Chairman Mohamed Thani Murshed Al Rumaithi said in Wednesday’s statement.