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Wednesday, 16 February 2022

Amanat still has its eyes on Egypt + PwC Legal Middle East wants to set up shop

Amanat is still looking at potential healthcare and education acquisitions in Egypt, Saudi Arabia, and the UAE following a “transformative year” in 2021, CEO Mohamad Hamade told Bloomberg TV. Hamade confirmed his previous statements that Amanat is eyeing education and healthcare firms in Egypt, but did not provide further details on the planned acquisitions. Amanat registered (pdf) a 28x y-o-y increase in net income to reach AED 280.8 mn (c. EGP 1.2 bn) in 2021.

Amanat has been eyeing Egypt for a few months now: Hamade said last year that the Dubai-listed education and healthcare investment firm had some AED 1 bn (c.EGP 4.3 bn) in investments lined up to acquire majority shares in Egyptian, Saudi and Emirati firms — though the “lion’s share” would be earmarked for the KSA and the UAE. Amanat’s current portfolio is focused squarely on the Gulf, with companies based in Saudi Arabia, the UAE and Bahrain.

ALSO IN INVESTMENT- Alta Semper eyes healthcare investments: UK-based private equity outfit Alta Semper is reportedly looking to invest part of the proceeds from the sale of its 33% stake in Macro Group’s IPO into the Egyptian healthcare sector, Daily News Egypt quotes CEO Ahmed Rady as saying. Alta Semper is currently considering four potential investments in the healthcare sector, one of which it expects to close in 1H2022.

AND- PwC Legal Middle East is looking at setting up shop in Egypt, Oman, and Jordan as it looks to double its staff in the region and expand to new markets, legal services leader and head of corporate Darren Harris told Law.com International. Harris did not provide a timeline for the planned expansion nor an estimate of the size of PwC’s planned Egypt office.

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