Dubai – Mubasher: Amanat Holding on Sunday announced that its investment portfolio has grown to AED 2 billion ($540 million).
Amanat’s latest acquisition was a majority stake of 69.3% in a Bahraini woman’s hospital for AED 141.7 million ($38.58 million).
“The acquisition is in line with Amanat’s investment criteria to acquire high-quality assets where it can generate long-term sustainable value,” the company said in a bourse filing
It added that following the deal, its total investments have grown to comprise three education assets, three healthcare assets, and a social infrastructure asset, representing 46%, 35%, and 19%, respectively of its total invested capital.
The Bahraini healthcare facility is also known as the Royal Hospital for Women.
Commenting on the Bahraini acquisition, Amanat chairman Hamad Abdulla Alshamsi said his company was “excited” about the deal, particularly owing to its growth potential, the favourable macroeconomic environment, and Bahrain’s improved healthcare coverage, and the unique offerings by the Royal Hospital for Women.
The Bahraini hospital is Amanat Holding’s seventh investment in total and its third healthcare acquisition since its establishment.
The deal “reinforces our commitment to the region and our strategy to acquire majority or significant minority stakes in an aim to play a more active and collaborative role in our portfolio companies. We have aligned ourselves with very strong strategic partners and look forward to working together to drive growth and create a legacy with the hospital,” Alshamsi concluded.
Amanat last reported a 12% year-on-year rise in profits to AED 27.9 million in between January and June 2018, citing stronger investments during the period.