The JV was signed by Istithmar's Chief Executive Officer, Muneef Tarmoom and Mr. Curtis J Schroeder, Bumrungrad's Group CEO at BIL, at a ceremony held today in Dubai. Completion of Bumrungrad Hospital, Dubai is scheduled for the end of 2007.
Talking about the JV, Tarmoom, said:
"Istithmar has once again reinforced its commitment to the UAE and this agreement with BIL will help us catapult Dubai in particular as an emerging medical and healthcare destination. Investment in the new hospital project and tie up with a leading name like BIL is in line with our objective of offering world-class healthcare services and attracting healthcare professionals to Dubai."
BIL is a premium provider of quality healthcare in South East Asia. A subsidiary of Bumrungrad Hospital Limited of Thailand, BIL is one of the premier hospital destinations in Asia with over 1 million patients each year, including over 360,000 international patients from 140 countries. This includes approximately 50,000 patients from the Middle East
Tarmoom added: "This investment is part of the overall increasing investments being made to accommodate the demand generated by a growing population, general improvement in living standards and the public consciousness for health and medical services in the UAE. The unprecedented growth in the number of residents in the Emirates have created a demand for quality healthcare services. This hospital will help us cater to the increasing demand by providing unmatched healthcare services in the region."
"We are delighted to enter into this JV with Istithmar and we are confident that the new hospital will be able to successfully meet the growing healthcare needs of one of the fastest growing cities in the world and to attract patients from throughout the region. We are very pleased to have Istithmar as our partner who is playing a dynamic role in this very exciting period in the development of the UAE."
The Dubai facility will be fully managed by BIL, which has carved a niche for its stringent international standards in hospital management and healthcare.
As a long-term strategic partner, Istithmar has made an investment of AED 101 million in the mother company, Bumrungrad Hospital Public Company Ltd and has also entered into a Memorandum of Understanding to make a direct investment in Bumrungrad International Company Limited ("BIL"), the wholly-owned investment vehicle for Bumrungrad's international investments.
BIL invested in Asian Hospital of the Philippines in 2005 in addition to this the fore-mentioned new Hospital in Dubai together with Istithmar. BIL is also exploring other hospital investment opportunities in China, India and other markets in the region.