Dubai Investments PJSC, the leading investment conglomerate listed on the Dubai Financial Market , along with other investors, has announced plans to invest in a multi-disciplinary hospital and several day care clinics in Dubai for King’s College Hospital London, the world-renowned British teaching hospital.
Ashmore Group plc, a specialist emerging markets investment manager listed on London Stock Exchange, will act as the investment manager for the project.
Dubai Investments is contributing 26.75% of the total equity financing for the project. The total project cost, including debt financing, is estimated to be approximately US$200 million.
After the successful launch of King’s College Hospital’s flagship Abu Dhabi clinic, which recently celebrated its first anniversary, Dubai is set to become home to an 80-100 bed world-class hospital facility and several clinics which will be fully integrated with King’s College Hospital’s facilities in London. King’s College Hospital Dubai will be located in ‘Dubai Hills’.
The first of the facilities to open their doors will be a number of clinics towards the end of 2016 and in 2017, in prime locations across Dubai. This will be followed by the multi-specialty King’s College Hospital Dubai scheduled to open in 2018. The hospital will offer four main specialties – Paediatrics, Endocrinology, Orthopaedics and Obstetrics and Gynaecology – as well as other acute and general medical services.
In line with the existing operating model of the Abu Dhabi clinic, all staff and services will be fully integrated with King’s College Hospital London to ensure provision of quality, evidence-based healthcare to UAE and regional consumers, with a significant proportion of experienced healthcare professionals joining King’s College Hospital Dubai from the UK.
Commenting on the announcement HE Humaid Al Qutami, Chairman of the Board and Director-General of the Dubai Health Authority, said: “The UAE offers extraordinary healthcare services in many fields and is committed to maintaining and developing clinical excellence for its residents, as well as medical tourists expected to travel here for treatment. The UAE’s relationship with King’s College Hospital London has been strong for more than 30 years and we welcome the addition of this world class brand to our ever-expanding offering of healthcare providers in line with the UAE’s 2021 vision of achieving a world-class healthcare system.”
In line with this, Jeremy Hunt, UK Health Secretary, added: “The UK public and private healthcare system is considered among the top in the world. We are extremely excited to expand British healthcare internationally, particularly within the UAE. Our long-standing ties with the UAE will continue to strengthen with the presence of King’s College Hospital and Clinics in Dubai, combined with the specialist emerging markets investment management experience of Ashmore Group plc.”
In his comments, Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said: “Dubai Investments is privileged to partner with King’s College Hospital London as part of its strategic expansion plans into the healthcare business through its industrial subsidiary, Dubai Investments Industries. We look forward to working closely with the King’s College Hospital management to support the future healthcare needs of the UAE community. This new equity partnership is integral to Dubai Investments’ strategy to consolidate its presence in diversified businesses, amidst growing market opportunities the healthcare sector presents.”
Sharing his remarks on the expansion, Sir Bob Kerslake, Chairman of King’s College Hospital London, said: “We are extremely proud to announce our plans to establish a hospital and several clinics in Dubai, in partnership with Ashmore Group, Al Tayer Group and Dubai Investments. This follows on from the successful launch of our clinic in Abu Dhabi last year. All our operations in the UAE will be fully integrated with King’s College Hospital London. Dubai is a very important market and healthcare destination so, for us, bringing together the cosmopolitan city of Dubai with the best of British healthcare has been a long awaited and exciting collaboration.”
The drive to write the next chapter in the King’s College Hospital’s 170-year legacy by expanding into the UAE is a natural continuation of links between the UK and the Emirates. Ties between the hospital and the UAE originate from 1979, when a donation from His Highness Sheikh Zayed bin Sultan Al Nahyan, former President of the UAE, helped establish King’s liver research centre, now amongst the top three liver specialist centres in the world. Over the years, thousands of patients from the UAE have received treatment at the London hospital. The decision to bring its world-class quality to the UAE minimises the necessity for outbound medical travel for Emirati patients.