Alchemist Healthcare LLC, has expanded its presence in the UAE by acquiring a majority stake in Conceive Gynecology & Fertility Centre in Sharjah.
Established in 2004, Conceive Gynecology & Fertility Centre was the first centre to offer in-vitro fertilization treatments in Sharjah and is currently one of the most well-known centres in the UAE. Conceive performs more than 3,500 cycles per year for patients from the MENA region as well as Sub-Saharan Africa. The centre is managed by Dr. Pankaj Srivastav, one of in-vitro fertilization’s pioneers in the UAE and offers a wide range of infertility treatments including ovulation induction and artificial insemination.
Commenting on the transaction, Mr. Shailesh Dash, CEO of Al Masah Capital Limited and Board Member of Alchemist stated “The inclusion of Conceive Gynecology & Fertility Centre in our healthcare group is a significant step for our expansion plan. Having invested in six polyclinics and two pharmacies last year, 2013 marks the start of specialised centre network building for Alchemist. After the acquisition of The Specialist Orthopedic Surgery & Physical Rehabilitation Clinic, a specialised orthopaedic and physiotherapy centre in Jumeira in March, Alchemist is currently offering its patients fertility treatment services through Conceive Gynecology & Fertility Centre.”
Mr. Amitava Ghosal, Partner at Al Masah Capital Limited and Board Member of Alchemist added “We are very enthusiastic to work hand in hand with Dr. Pankaj in order to achieve superior growth for Conceive Gynecology & Fertility Centre. We have established an ambitious and detailed expansion plan to strengthen Conceive’s capacities and meet increasing population needs in Sharjah as well as Dubai, Abu Dhabi and Al Ain. We are also looking at Oman and Kuwait for further regional expansion.
Alchemist, a UAE based investment company is a wholly owned subsidiary of Healthcare MENA Limited and is managed by Al Masah Capital Limited. It was established in 2010 and is operated by an experienced team of professionals with more than eight years of presence in the MENA healthcare sector. Its objective is to establish a regional healthcare platform of primary care and diagnostic assets offering a wide spectrum of services and having a footprint stretching from the GCC to North Africa. Its investment strategy consists of targeting well located and profitable healthcare assets offering significant growth opportunities with a special focus on the lower to middle income segment. With this investment, Alchemist’s network reaches sixteen units including fifteen medical centres and one diagnostic centre across the GCC.
On the healthcare sector in Sharjah, Mr. Amitava added “We also strongly believe in the healthcare sector in Sharjah and see significant growth in the future given the fast-growing population in the Emirate and especially the upcoming Federal Health Insurance Law, expected to be implemented in the coming months throughout the UAE and expected to make insurance coverage mandatory for both UAE nationals and expatriates. This law will have a significant positive impact on Sharjah healthcare sector, where currently such coverage is not mandatory and where more than 50% of the patients are still not insured.”
Commenting on Alchemist strategy, Mr. Shailesh added “Alchemist is contemplating several new investments in Dubai, Oman, Qatar, Kuwait and Saudi Arabia. Healthcare sector in the GCC offers excellent perspectives and recent studies are unanimous about its future growth”. He added “According to a study conducted by MEED, the cost of healthcare delivery in the GCC is expected to nearly triple from US$46bn in 2011 to $133bn by 2018. The increasing expenditure on health services is due to a combination including rapidly growing populations and a surge in non-communicable diseases such as diabetes, coronary illness and osteoporosis, as a result of lifestyle changes. Larger populations mean increased demand for healthcare and chronic diseases which require long-term, costly, and specialised treatments”. Mr. Shailesh added “The number of additional doctors required by the GCC region by 2018 exceeds 91,700 and summarises, on its own healthcare sector’s excellent perspectives in the region…”
Al Masah Capital Limited is a MENA focused alternative investments asset manager with special focus on social infrastructure initiatives and private equity investments in important sectors including healthcare and education. In addition, Al Masah Capital Limited manages several other lines of businesses such as asset management, real estate, and investment research.