Qatar First Investment Bank and Ithmar Capital, a regional private equity firm, announced today the launch of a new healthcare platform which will seek to capitalize on the extensive growth opportunities in the healthcare service and pharmaceutical/life science sectors in the GCC. This healthcare platform represents the first collaboration between QFIB and Ithmar Capital combining their region-wide resources and expertise. This partnership is QFIB’s first venture in the health care sector, and demonstrates the Bank’s cross-sector expertise.
QFIB and Ithmar Capital jointly announced the completion of their first healthcare initiative – a strategic equity partnership with Al Noor Medical Company. Al Noor Medical Company, based in the UAE, is a state of the art institution offering a full array of healthcare services. Established in 1985 as a polyclinic, Al Noor has developed into the leading private provider of integrated healthcare services in Abu Dhabi with three hundred beds in three secondary care hospitals, three primary care clinics and ten pharmacies. Its credentials include accreditation from Joint Commission International (JCI), affiliation with the Children’s Hospital Boston as well as being awarded the Sheikh Khalifa Excellence Award consecutively over 2002 – 2007, and the Sheikh Khalifa Gold Excellence Award in 2009.
Abdulla bin Fahad bin Ghorab Al Marri, Chairman of QFIB said: “Today we are launching an important regional initiative in the growing GCC healthcare market. The platform is innovative; market leading and we are very pleased to be partnering with Ithmar on this exciting project. We take great care in forming partnerships and only select highly professional, reputable and credible companies to work with to ensure mutual success.” He added, “This strategic partnership will give QFIB exposure to the health care business in addition to the opportunity of establishing a foothold in this growing sector.”
Faisal Belhoul, Managing Partner and Founder of Ithmar Capital, said, “We are proud to partner with Qatar First Investment Bank as we believe QFIB is an excellent strategic partner with an outstanding track record and high credibility. Our alliance with QFIB is an optimal fit, leveraging on the Bank’s extensive shareholder network in Qatar and the Kingdom of Saudi Arabia. QFIB has demonstrated its ability to generate attractive returns by building shareholder value through hard work, collaboration with companies and active participation.”