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Al Noor Hospitals

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Al Noor Hospitals Group plc
Company typePublic limited company
LSE: ANH
IndustryHospital management
Founded1985
Defunct2016
HeadquartersAbu Dhabi City, United Arab Emirates
Key people
Ian Tyler (Chairman)
Ronald Lavater (CEO)
Revenue$449.1 million (2014)[1]
$85.4 million (2014)[1]
$82.0 million (2014)[1]
Number of employees
4,500 (2016)[2]
Websitewww.alnoorhospital.com

Al Noor Hospitals Group plc was a business operating medical-surgical facilities located in Abu Dhabi City, United Arab Emirates. The company transformed healthcare in Abu Dhabi under the leadership of Dr Kassem Alom and Sheikh Mohammed Bin Butti and for many years the company was the largest healthcare operator in Abu Dhabi: it had a market share of 39% at the time of its initial public offering.[3] It also provided support for several major humanitarian operations in the region including relief for the victims of Bam earthquake in southern Iran in 2003 and setting up the Emirates International Humanitarian Mobile Hospital in the remote town of Juba in southern Sudan in 2009.

It was listed on the London Stock Exchange until it merged with Mediclinic International in a transaction which valued Al Noor Hospitals at £1.4 billion (US$2.1 billion) in February 2016.[4]

History

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The company was first established as an eight-bed operation on Hamdam Street in Abu Dhabi by Dr Kassem Alom and Sheikh Mohammed Bin Butti in 1985.[5] Dr Kassem Alom originally came from Syria and trained in Spain before practicing at Charing Cross Hospital in London: when he arrived in Abu Dhabi there was no healthcare provision other than a group of caravans known as "Central Hospital".[6][a] Through organic growth, Alom expanded the business such that the company secured a major share of the healthcare market in Abu Dhabi.[5] Zayed bin Sultan Al Nahyan, the ruler of Abu Dhabi and President of the United Arab Emirates subsequently went to Al Noor Hospitals for treatment.[6] Alom was subsequently appointed to the supreme council of the Ministry of Health.[6]

Al Noor Hospitals benefited from the financial support of Sheikh Mohammed bin Butti Al Hamed, who was at the time of the founding of the business, chairman of the municipality of Abu Dhabi and the Ruler's representative in the Western Region.[2] It also received financial backing from Ithmar Capital.[2] The company became the first healthcare business to open a fertility unit in the country in 1993.[2] The company's second facility was at Khalifa Street, a small polyclinic facility established in 2001, that grew until it had 1,200 patients.[2]

In 2003 the company led an initiative to provide emergency medical treatment to the victims of Bam earthquake in southern Iran; working with the Emirates Red Crescent, it sent a team of doctors and paramedics together medicines worth Dh 0.5 million (US$135000; £106,000).[8] The company expanded further with the opening of a 50-bed hospital in Al Ain in 2006.[2] The company was also involved in lobbying for and, ultimately, benefited from the introduction of compulsory medical insurance, which led to higher per capita health spending, in Abu Dhabi in 2007.[2][9]

The company supported the Emirates Red Crescent and the Department of Health again, this time in setting up the Emirates International Humanitarian Mobile Hospital in the remote town of Juba in southern Sudan in 2009.[10] The mobile hospital, which was the region's first civilian field hospital, was 26 metres (85 ft) long and offered air-conditioned intensive care unit, operating theatre and pharmacy facilities.[10] The business considered seeking a listing on a recognised stock exchange in 2011 but abandoned plans because of weak market conditions in the wake of the financial crisis of 2007–2008.[11]

Al Noor Hospitals was the subject of an initial public offering, which raised £221 million in June 2013.[12][13] The flotation valued the company at £672 million (US$1.04 billion) and provided funds for future expansion in the gulf states were money is available but where diabetes is prevalent.[14] The company made three acquisitions in the United Arab Emirates in 2014 including the Gulf International Cancer Centre, the only private cancer treatment centre in Abu Dhabi.[15][16] The acquisition of the Gulf International Cancer Centre, was an important strategic step by the company in the context that while, cancer is widespread around the world, like diabetes, it also very prevalent in the region.[2] In September 2014 Dr Kassem Alom stood down as Chief Executive and handed over to Ron Lavater, who had previously managed Corniche Hospital in Abu Dhabi and joined from Johns Hopkins Medicine International.[2][15]

Continued growth led to Al Noor Hospitals entering the FTSE 250 Index of leading companies in October 2014.[17] The company which had first performed open heart surgery in 2003, established a 24-hour cardiology department at the Al Noor Hospital on Airport Road in Abu Dhabi in November 2014.[18][19] In August 2015, the company entered into leases to expand its existing facilities at Airport Road in Abu Dhabi, at Khalifa Street in Abu Dhabi and at Al Ain Hospital in Al Ain.[20][21]

On 14 October 2015 Mediclinic International announced a merger with Al Noor Hospitals.[22] Shortly thereafter NMC Health also announced a potential bid for Al Noor Hospitals,[23] as did VPS Healthcare on 20 October 2015.[24][25] A major bidding battle for dominance of the healthcare market in the Gulf Region ensued[26] and, although NMC Health withdrew from the bidding on 16 November 2015,[27][28][29] it was not until 30 November 2015 that VPS Healthcare withdrew.[30] The final deal valued Al Noor Hospitals at £1.4 billion (US$2.1 billion).[30] One analyst even suggested that the bidding battle would result in the healthcare sector becoming the next mining sector in terms of its attractiveness to international financial markets.[31]

The merger between Al Noor Hospitals and Mediclinic International was completed on 15 February 2016.[4] The size of the merger resulted in Mediclinic joining the FTSE 100 Index of leading companies in March 2016.[32]

Operations

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The company operated 227 operational beds at primary, secondary, and tertiary care through three hospitals (Airport Road in Abu Dhabi, Khalifa Street in Abu Dhabi and Al Ain Hospital in Al Ain) and nine medical centres.[12] At the time of its flotation its market share in Abu Dhabi was 39%, more than double its nearest competitor.[3] It employed 4,500 people, including 550 doctors.[2]

Notes

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  1. ^ Central Hospital continued to provide a basic healthcare service to people of all nationalities and ethnic communities and ultimately closed in 2008.[7]

References

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  1. ^ a b c "Preliminary Results 2014" (PDF). Al Noor Hospitals. Archived from the original (PDF) on 2 April 2015. Retrieved 30 March 2015.
  2. ^ a b c d e f g h i j "Al Noor Hospitals founder laid healthcare foundation". The National. 23 September 2014. Retrieved 12 September 2020.
  3. ^ a b "Al Noor Hospitals IPO raises $342m". Khaleej Times. 12 June 2013.
  4. ^ a b "Al Noor Hospitals completes merger with Mediclinic". Digital Look. 15 February 2016. Archived from the original on 17 August 2016. Retrieved 15 February 2016.
  5. ^ a b "Ithmar Capital takes Al Noor Hospitals Group through IPO on London stock exchange". Ithmar Capital. 22 June 2013. Archived from the original on 26 June 2013. Retrieved 13 September 2013.
  6. ^ a b c "Interview: Dr Kassem Alom". Arabian Business. 17 February 2014. Retrieved 12 September 2020.
  7. ^ "Central Hospital of Abu Dhabi: Forty Years of Service to the Community (1968-2008)". 1 March 2013. Retrieved 12 September 2020.
  8. ^ "Hospital to send drugs". Khaleej Times. 30 December 2003. Retrieved 12 September 2020.
  9. ^ "Better care: Capacity is being expanded and there are significant opportunities in some specialty areas". Oxford Business Group. Retrieved 12 September 2020.
  10. ^ a b "A journey with caring at its heart". The National. 11 July 2009. Retrieved 12 September 2020.
  11. ^ "Al Noor Hospitals picks London Stock Exchange for $150m initial public offering". The National. 29 May 2013. Retrieved 12 September 2020.
  12. ^ a b "Al Noor Hospitals London IPO may start a trend for UAE companies". The National. 1 June 2013. Retrieved 13 September 2013.
  13. ^ "Al Noor Hospitals float raises £221m and hints at IPO appetite". Financial Times. 21 June 2013.
  14. ^ "Al Noor Hospitals valued at $1 billion in London listing". Reuters. 21 June 2013. Retrieved 12 September 2020.
  15. ^ a b "New boss for Al Noor". Investors Chronicle. 12 August 2014. Retrieved 12 September 2020.
  16. ^ "Al Noor Hospitals hires new operations chief amid expansion plans". Arabian Business. 6 February 2015.
  17. ^ "Al Noor Hospitals Group PLC (UK): Investability Weight Change: Changes In FTSE Indices". FTSE Russell. 2 October 2014. Retrieved 12 September 2020.
  18. ^ "Al Noor Hospital expands cardiology department". The National. 11 November 2014. Retrieved 12 September 2020.
  19. ^ "Al Noor Hospital Airport Road Campus launches a 24-hour Heart Attack Center". AME Info. 11 November 2014. Retrieved 12 September 2020.
  20. ^ "UEA's Al Noor Group to expand Abu Dhabi Hospitals". Construction Weekly. 10 August 2015.
  21. ^ "Al Noor Hospitals agrees Dh1bn deal to expand three Abu Dhabi sites". The National. 9 August 2015. Retrieved 12 September 2020.
  22. ^ "Mediclinic International and Gulf group Al Noor agree on tie-up". Business Day Live. 14 October 2015. Archived from the original on 2015-10-15. Retrieved 3 February 2016.
  23. ^ "Abu Dhabi's NMC Health vows to fight on for Al Noor merger". The National. 14 October 2015. Retrieved 12 September 2020.
  24. ^ "Al Noor Hospitals confirms interest from VPS Healthcare". Sharecast. 20 October 2015. Retrieved 12 September 2020.
  25. ^ "VPS Healthcare to proceed with bid for Al Noor Hospitals". The National. 2 November 2015. Retrieved 12 September 2020.
  26. ^ "Battle brews for UAE healthcare dominance and Al Noor control". Financial Times. 14 October 2015. Retrieved 12 September 2020.
  27. ^ "NMC Healthcare pulls out of race for Abu Dhabi rival Al Noor Hospitals". The National. 16 November 2015. Retrieved 12 September 2020.
  28. ^ "NMC Health bows out of race for Al Noor Hospitals". The Telegraph. 16 November 2015. Retrieved 12 September 2020.
  29. ^ "NMC Health abandons bid for Al Noor Hospitals". Sharecast. 13 September 2020. Retrieved 12 September 2020.
  30. ^ a b "VPS Healthcare says won't make an offer for Al Noor Hospitals". Reuters. 30 November 2020. Retrieved 12 September 2020.[dead link‍]
  31. ^ "Is healthcare the new mining". Charles Stanley Direct. 2 November 2015. Retrieved 12 September 2020.
  32. ^ "Hospital group Mediclinic checks into FTSE 100". The Telegraph. 21 March 2016. Retrieved 12 September 2020.
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