Gulf Capital, GE in partnership
GE Healthcare, the healthcare business subsidiary of General Electric Company (GE), has signed a strategic alliance agreement with Gulf Capital, one of the largest private equity firms in the Gulf, to develop the largest regional chain of medical diagnostic and healthcare service centres.
GE Healthcare will offer strategic support to Gulf Capital's healthcare portfolio company investments, and the two companies will collaborate to roll out and grow these investments into regional platforms offering world-class services.
The partnership will focus on a two-pronged approach of acquiring existing companies as well as launching greenfield operations with extended services including medical imaging, laboratory services, physiotherapy, dialysis services and oncology. The agreement provides Gulf Capital with access to the full range of GE Healthcare's international commercial offerings, solutions and services.
The strategic alliance will focus on the delivery of world-class healthcare services in Egypt and Saudi Arabia, two of the most populous countries in the Mena, followed by an expansion at a later stage in other high growth markets.
Both parties will have access to and work closely with GE Capital Markets Corporate (CMC), an affiliate of GE Healthcare, to gain access to a wide range of financing solutions including equipment financing and financial advisory services. Gulf Capital will also have access to GE Healthcare's global network of strategic and financial partners.
Commenting on the strategic alliance, Dr Karim El Solh, Chief Executive Officer of Gulf Capital, said: "We are pleased to partner with GE Healthcare on the launch of such an exciting regional platform in the growing healthcare market in the Mena. GE Healthcare brings deep industry expertise and a wide range of medical technologies and services and represents an ideal partner. Gulf Capital and GE Healthcare share the same 'healthymagination' vision of improving the quality and delivery of healthcare services across the Mena."
Aziz Koleilat, General Manager of GE Healthcare for the Middle East, said: "GE Healthcare is pleased to enter into a strategic partnership with Gulf Capital, one of the most dynamic and active private equity firms in the Middle East. This strategic alliance agreement is a perfect complement to GE's healthymagination initiative in the region. Creating a network of medical diagnostic and healthcare service centres across the region will serve as a key milestone in achieving our goal of earlier diagnosis through the use of innovative technologies, products and services."
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