Dubai Healthcare City (DHCC) is aiming at a $2 billion (Dh7.3bn) share of the Middle East’s healthcare market, which is estimated at about $100bn (Dh367bn) per year.
Chief Executive Dr Muhadditha Al Hashimi told Emirates Business she hoped to capture two per cent of the $100bn expenditure despite the large investment that has gone into founding DHCC.
More than $20bn (Dh73.4bn) has been invested in DHCC. However, Dr Al Hashimi said the long-term focus of the complex was to provide quality healthcare to the region, rather than break records for revenue.
Speaking at the launch of the Arab Health exhibition in Dubai yesterday, Dr Al Hashimi said: “Because we are in healthcare, we are focused on providing total healthcare and quality healthcare. We are not focused on how much revenue we are going to make.”
A huge amount of capital has been invested in the projects, such as the UAE’s first university hospital, launched this month in collaboration with Harvard Medical International, a subsidiary of the prestigious Boston-based Harvard Medical School.
University Hospital, which will cost Dh2.1bn to build, will not only provide state-of-the-art medical services but also medical education and research. Construction commenced last year on the 400-bed, 1.4 million square foot hospital campus and is due for completion by 2011.
The project has been entirely funded by Tatweer and Harvard Medical International (HMI) is a strategic partner in the venture. Dr Andrew Jeon, HMI President and Chief Executive, said the organisation does not invest in international projects, instead it provides with excellent expertise.
“We do not make direct financial contributions, but rather we participate with those partners. Our sole focus is helping like-minded partners create infrastructure in their countries to provide their population with the best healthcare available,” Jeon told Emirates Business.
Dr Al Hashimi said projects such as the University Hospital will fulfill DHCC’s aim of fostering research and education in healthcare.
“It’s not going to make money in the short-term, we’re focused on getting the standard of healthcare up in this region, helping it become a destination where people will come and then money will come.”
Dr Al Hashimi expects 2008 to be a busy year for DHCC. So far 57 clinics are operational and since 2005, more than 80,000 patients have been treated. Last year alone, the clinics saw 30,000 patients. Phase one of DHCC is more than halfway completed – 60 per cent of phase one is completed and it is due for 100 per cent completion by 2010. All of phase one, which takes up four million square feet, has been sold out. Dr Al Hashimi added: “In fact, a lot of projects are under construction.”
Dubai Healthcare City is aiming at a $2bn share of the Middle East’s healthcare market, which is estimated at about $100bn per year. Muhadditha Al Hashimi says last year the 57 clinics saw a total of 30,000 patients.
More than $20bn have been so far invested in the DHCC. A huge capital has been invested in projects such as UAE’s first university hospital, launched this month in collaboration with Harvard Medical International.
DHCC’s focus is on quality healthcare and not revenue