NMC Healthcare is expected to exit administration in mid-March – News

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The company is also open to acquisitions that could support its growth strategy, but said there was nothing on the table at this time.



NMC Healthcare will increase its numbers of trained nurses and other support staff for the new home dialysis services launched in Dubai. — File photo

Published: Mon 28 Feb 2022, 17:54

Last update: Mon 28 Feb 2022, 17:55

NMC Healthcare is expected to exit administration in mid-March with the appointment of a new board, a senior official said on Monday.

Speaking on the sidelines of the launch of the home dialysis service in Dubai on Monday, Michael Davis, chief executive of NMC Healthcare, said the company was also open to acquisitions that could support its growth strategy, but said he would there was nothing on the table yet.

“Not this year but in the future as we move into new ownership and have a new board… We are talking about mid-March (that) we are coming out of administration. A new board has been named but not yet installed. There will be more announcements later than I can disclose now,” Davis said.

“These are very important times for NMC Healthcare and we are really excited about what the next year to 18 months has in store for us,” Davis said on the sidelines of Monday’s press conference.

In November 2021, the healthcare provider said it planned to leave administration and be taken over by its creditors before the end of 2021 as part of an agreed restructuring.

It ran into trouble in 2021 after more than $4 billion in hidden debt left many local and foreign banks with heavy losses and its operational business in the UAE was placed into administration in the courts of the financial hub. Abu Dhabi International, Abu Dhabi Global Markets (ADGM).

In September, its creditors, who owed a total of $7.1 billion, approved a restructuring of the company that would give them ownership of 34 NMC Group companies and allow them to exist in Abu Dhabi.

The company’s third-quarter revenue reached $915 million, up from $816 million a year ago.

Davis added that the 202-21 results were the best since the company was founded and that it provided services to around 8.5 million patients last year in the United Arab Emirates.

Commenting on the expansion, Davis added that NMC is adding additional beds to its existing facilities.

“If there is an opportunity to acquire a clinic that will help power our hospitals, we are happy to do so. We have more beds coming to Al Nahda and DIP which will be operational in the middle of this year. The demand in these regions is great. We also plan to expand to Sharjah,” he added.

The company will also increase its workforce of trained nurses and other support staff for the new home dialysis services launched in Dubai.

“Staffing is an issue around the world because of the pandemic. We will hire as many staff as needed to care for patients, but each home patient requires three carers, and we are likely to see 100 home patients, so we need an additional 300 people,” he added.

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