Abu Dhabi wealth fund ADQ and Alpha Dhabi Holding PJSC will merge six entities to create the largest healthcare network in the UAE, the two companies said.
As part of the agreement, ADQ-controlled Abu Dhabi Health Services Company, or SEHA, and National Health Insurance Company PJSC, or Daman, will merge with Alpha Dhabi-controlled Pure Health Medical Supplies.
Pure Health will also subsume Tamouh Healthcare, Yas Clinic Group and Abu Dhabi Stem Cells Center.
“Combining the strength of clinical powerhouses and the UAE’s leading health insurer will develop a scalable healthcare platform for growth,” said ADQ CEO Mohamed Hassan Alsuwaidi.
ADQ and Alpha Dhabi didn’t disclose any financial details of the transaction, saying only that ADQ will be the biggest shareholder in the merged entity. Other shareholders include Alpha Dhabi Holding, International Holding Company (IHC), AH Capital and Ataa Financial Investments.
Alpha Dhabi was founded in 2013 and is a subsidiary of IHC, which owns a 45% stake in the company. The company went public in June last year.
Alpha Dhabi has more than 25 subsidiaries, which employ over 40,000 people across sectors like energy, engineering consultancy, real estate, mining, dredging, marine construction, and healthcare.
The latest deal comes just a day after Alpha Dhabi said it had acquired a 17% stake in Aldar Properties, raising its stake in the real estate company to 30%.