Dubai's Amanat Holdings buys stake in Saudi firm for Dh175m

Dubai-listed Amanat Holdings has acquired 35% stake in Saudi healthcare company Sukoon International Holding for 179.2 million riyals (Dh175.5 million) which has operations in Jeddah and expansion plans are underway in Riyadh.

Faisal Belhoul, Chairman of Amanat, said: “Amanat’s development and investment strategy is to partner with companies that demonstrate a strong shareholder base, proven management and differentiated business model.  We partner with companies that not only benefit immediately from our expertise in value creation, but also present significant scope for growth and thus further capital commitment.”

Khaldoun Haj Hasan, CEO of Amanat, said critical care medical services sector in Saudi Arabia is in its early stages with demand forecast to reach 12,936 beds.

At present, demand is met inefficiently in terms of cost and quality by conventional hospitals who have no choice but to treat such patients whose needs are fundamentally different than what the hospitals are set up to provide or what the patients really require, he said.

Amanat said Sukoon’s growth plan requires significant investment in physical infrastructure which it will either seek to lease or build to suit.

Amanat shares gained 1.5 per cent to close at Dh0.827 per share on Dubai Financial Market on Tuesday.

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