Foundation Holdings to invest $30m in healthcare and education in Bahrain
The Bahrain Economic Development Board (EDB) has signed a memorandum of understanding (MoU) with Foundation Holdings to invest US$30 million into launching its affiliate companies, in Bahrain including a new state of the art medical centre focused on specialised healthcare and non-communicable diseases.
Foundation Holdings is a global strategic investment firm focused on the healthcare and education sectors in India and the GCC. It currently holds investments in UAE, Saudi Arabia and India. Foundation Holdings will deploy the funds into establishing its portfolio companies in Bahrain, creating 300-500 locally sourced, specialised healthcare jobs in the process. The news of the MoU comes as Bahrain continues to embark on ongoing healthcare reforms as part of its Vision 2030 programme, creating new and expanded opportunities for investors and healthcare providers.
The agreement also includes launching medical solutions through ProMedEx, another Foundation Holdings affiliate, who will work with the country’s leading private and public hospitals to offer the world’s best-in-class technology orthopaedic and general surgery implants and devices.
This investment into the Kingdom will support Foundation Holdings & EDB’s shared goal of driving meaningful and positive impact in Bahrain’s healthcare and education sectors. The launch of primary care provider, Right Health, an affiliate of Foundation Holdings, will be centred around a new research and development centre that, along with a chain of outpatient and diagnostic facilities and pharmacies, will offer a clinical capacity of 150 doctors and nurses capable of serving as many as 500,000 patients annually.
Commenting on the partnership, Mahmood Al Aradi, Chief Investment Officer at Bahrain EDB said, “This is a strategic investment that has the potential to unlock significant opportunities for healthcare providers in Bahrain over the coming years. We are extremely pleased to be supporting Foundation Holdings with their plans to enter the Bahrain healthcare market. Our strategic location, our competitive business offering, which includes delivering the best value operating costs in the region, and the growing demand for healthcare services will all play a fundamental role in contributing to the success of the project.”
The healthcare market in Bahrain has been growing at an annual average rate of 12.2 percent, from an estimated $1.1 billion in 2015 to an estimated $2.0 billion in 2020 which reflects the growing investment opportunity within this key sector.