Egypt Care to launch first phase of EGP 15 bn new capital medical city in 3Q2018
EXCLUSIVE-Egypt Care to launch first phase of EGP 15 bn new capital medical city in 3Q2018: Egypt Care intends to launch the first phase of its medical city at the new administrative capital in 3Q2018, according to Chairman Hassan Al Qalla. Construction has already started, Al Qalla told Enterprise, adding that his company had tapped HKS Architects from the United States to design infrastructure for the EGP 15 bn Capital Med City. The project, which will be run by a JV between Egypt Care and a number of foreign investors, is being funded by a mix of bank debt and the shareholders’ own resources, Al Qalla said, and will take 5-7 years to complete over four phases of construction.
Egypt Care and its partners are planning to list their JV on the EGX within two years’ of its establishment, Al Qalla also said, explaining that an IPO would help finance development. Once fully operational, Med Capital will be home to as many as 2,000 hospital beds, a public hospital, clinics, a trauma center, 11 specialized medical centers, and a hotel.