Universal Healthcare Act drumming up interest in Egypt’s healthcare industry?
INVESTMENT WATCH- Universal Healthcare Act drums up interest in Egypt’s healthcare industry? The issuance of the Universal Healthcare Act, which was signed into law and January and is up for implementation in July, is drumming up investor interest in Egypt’s healthcare sector and medical industry.
The Saudi German Hospitals Group is planning to inaugurate its USD 500 mn medical city in Alexandria next year, SGH Cairo CEO Mohamed Hablas tells Al Shorouk. The company is nearing the end of construction on its medical city complex in Alex West, which will house eight hospitals, a 220-clinic medical center, and an EGP 700 mn science and technology college. SGH is also planning to open two new hospitals in Egypt under its Andalusia brand at an investment cost of EGP 750 mn, one each in Six October City and New Cairo, in addition to its plans to build a hospital in Asyut and another in the new administrative capital.
Medical group Speed is also planning to invest EGP 500 mn over the next three years, Chairman Mahmoud Lasheen says. Speed intends to open a EGP 200-220 mn hospital in Obour City by the end of this year and simultaneously work on another EGP 280 mn facility in New Cairo, which it expects to inaugurate in the second half of 2019. Speed Medical Examination Services had announced earlier this month that it was planning to invest EGP 67 mn in 43 new labs between now and the end of 2Q2019, in addition to expanding its network to Libya, Morocco, Kenya, and Uganda.
Recently,Mena Health Partners’ recent announced it would be investing EGP 3 bn over the coming three years in its portfolio of four hospitals, and Saudi Arabia’s Elaj has been on an acquisition spree says its expansion plans include a EGP 500 mn oncology hospital in Cairo.