Dubai – Mubasher: Amanat Holdings and Mada International Holding partnered for the Ministry of Health Public-Private Partnership (PPP) projects in Saudi Arabia, according to a press release.
The partnership will focus on the long-term care and rehabilitation segment, unlocking regional PPP opportunities and accelerating Amanat’s expansion plans across the Kingdom.
Through its healthcare platform Amanat Healthcare, the DFM-listed company became a leader in post-acute and long-term care in the GCC.
Mada International plays a vital role in a number of key projects, including the Prince Mohammed bin Abdulaziz International Airport (Madinah), Modern Milling Company, and City Cool.
The Chairman of Amanat Holdings, Hamad Alshamsi, said: “Our partnership with Mada International Holding is a key milestone in Amanat’s value creation strategy, enabling us to immediately collaborate on potential PPP projects in Saudi Arabia’s long-term care and rehabilitation sector, with the goal of accelerating the delivery of our planned 1,000-bed capacity within three years.”
Ibrahim Al Rajhi, Chairman of Mada International Holding, added: “Our shared vision of advancing the healthcare infrastructure in the Kingdom, addressing the demand-supply gap in extended care services, and enhancing the quality of life for citizens and residents has brought us together.”
“This partnership is a testament to our dedication towards achieving this goal and we look forward to working closely with Amanat and leveraging our collective expertise and resources to drive innovation and excellence in the healthcare sector,” Al Rajhi noted.
In the first half (H1) of 2023, Amanat recorded higher net profits attributable to the owners at AED 89.24 million, compared to AED 66.64 million in H1-22.
