Trusted. Will banks be willing to cough up another $250m to smoothen NMC's turnaround? NMC Health PLC Add to myFT. Janak Bahadur came to hospital complaining of incessant coughing and breathlessness ...more, Medics welcome arrival of second vaccine Richard Branson unveils his luxury, adults-only cruise ship, Dubai and UAE score big in high-profile global rankings, Dubai's 3D printed office bags Guinness World Record, MOHAP provides COVID-19 vaccine to citizens, residents, Explained: Allergic reactions to COVID-19 vaccines, Video: Sheikh Mohammed receives letter from Kuwait Emir, Photos: New Year's Eve fireworks from around the world, Boris Johnson’s father seeks French citizenship. A native of India, Shetty moved to Abu Dhabi in 1973 and founded NMC in the 1970s. Abu Dhabi wealth fund Mubadala Investment Co. is considering a potential investment in NMC Health Plc -- a sign the emirate is keen to address the worsening crisis at the troubled hospital … The news pleased the market sending its shares leaping by a … Shetty, Khaleefa Butti Omair Yousif Ahmed Al Muhairi, and Saeed Mohammed Butti Mohamed Khalfan al-Qebaisi - now have less than 30 per cent of its shares. (The latest appointment does not apply to NMC Healthcare’s businesses outside the UAE.) Deals with lender banks can give healthcare operator some much needed time. But will NMC go down that road? NMC's principal shareholders - Dr. B.R. NMC Healthcare is the most trusted and the largest private healthcare company in the UAE for over 40 years. But any deal may have to wait until an internal investigation that NMC launched recently is complete. The future of NMC Health starts a new chapter - March 9 is the final date for submission for investors interested in acquiring Abu Dhabi based healthcare operator. As has been reported before, NMC has managed to retain its pool of highly skilled physicians, nurses and technical staff. NMC Health is the Middle East’s largest healthcare provider. There was a steady flow of UAE residents, including teenagers and senior citizens, at the medical facilities in Abu Dhabi on Wednesday, who queued up to take the first dose of the Sinopharm vaccine against the novel coronavirus disease (Covid-19) outbreak. Filomena Maguit Castillo, who does cha-cha-cha dance moves to stay fit amid the pandemic, is now on a mission to inspire everyone to take, Medics welcome arrival of second vaccine “There may be a few departures of some doctors, but that happens all the time. We believe that healthcare is simply not about detecting, diagnosing, informing or treating an individual but it is about helping people to lead a wholesome and healthy life. The bad news is piling up for NMC, which is truly ironic for a company that in 2018 delivered its best performance in history on both revenues and profits. Where the exodus is happening is at the middle- and senior management levels. Medics in Dubai welcomed the arrival of the Pfizer Covid-19 vaccine. It’s not just him and the 16,500 employees who have a stake in NMC’s future. Please be aware that if you continue without changing your cookie settings, you consent to this. Will asset stripping make NMC less of a compelling buy for any future owner? © Provided by Gulf NewsNAT-190307-NMC-PIC-(Read-Only) Dubai: The CEO of NMC Health, Prasanth Manghat, has been dismissed. With a legacy stretching as far back as 1975, NMC Healthcare has been chalking out distinct strategies that reflect its continuing leadership in the market. Privacy Policy. Follow us @middleeast for more news on the region. Geneva: NMC Health Plc, the operator of the biggest network of hospitals in the UAE, said its chairman will be removed from board discussions after he … This section is about Living in UAE and essential information you cannot live without. The leading healthcare brand expressed its commitment and solidarity with the vision of country’s rulers by aligning its celebratory theme with the tenants of the Year of Giving. MEDIA-Abu Dhabi based NMC Health's trading arm sees major job cuts - Gulf News. The Pfizer vaccine is the second to be approved for use in the UAE after China's Sinopharm. These aren’t the only considerations. This is why NMC is now asking its banks for a relook at these terms. But the size of the debt on its books – around $2 billion – will weigh heavily, and not just on NMC. First up, NMC Health confirmed that it will be asking lender banks to go easy on debt repayments owed to them. Shetty's wife. What are the benefits of loyalty programs? Dubai: Abu Dhabi's NMC Health has divested its speciality IVF-care business Eugin Group for 430 million euros, thus generating a fairly sizeable intake of funds that will help immensely in the coming months. Before joining NMC as Chief Operating Officer, he was holding a top positon at TVM Healthcare, a private equity fund that specializes in healthcare-related businesses. “Or whether it will be for the banks to pursue this. In the UAE, NMC employs more than 16,000 staff. Among most NMC watchers, the belief is that only Mubadala, the Abu Dhabi Government owned investment vehicle, can come in and save the day. As we reported earlier, NMC Health has had a mixed day with news of a possible takeover and the departure of its founder. Dubai: In a three-hour surgery carried out on December 28, a heart surgeon in Dubai excised a large tumour that had grown in the heart of a young Nepalese expatriate. Davis is uniquely placed to oversee the high stakes negotiations with lenders and other stakeholders. It is likely to happen this week. For more information on our use of cookies, please review our cookie policy, MOH Application No - SJ10780 - 03/03/2021, Aesthetic, Reconstructive and Plastic Surgery, Endocrinology, Diabetology and Metabolic Disorders. According to a doctor at a clinic affiliated with NMC group, most of the staff at partner/affiliated clinics and hospitals have received their cheques, but it is at the directly-owned facilities the delays has happened. Abraaj and Drake & Scull issues have caused ripples… but they were confined to within their sectors. If the banks agree – and the chances are they will – to not press on payment obligations, NMC will achieve an “immediate stabilization of the group’s financing”. The administrators of troubled hospital operator NMC Health have announced a new board for the London-listed company, bringing in four non-executive direct More than any future owner, Mubadala would best realise the value of NMC in the wider scheme of things, they add. Shetty owns 19.22 per cent stake as of May last year, while NMC vice-chair Muhairi and Qebaisi owned 15.82 per cent and 7.66 per cent, respectively, as of January 28, according to Refinitiv data. All rights reserved. “If Davis can make a swift move to reassure staff that their interests will be taken care of, NMC should not have an issue,” said a top official at another UAE-based hotel operator. The bad news is piling up for NMC, which is truly ironic for a company that in 2018 delivered its best performance in history on both revenues and profits. But Michael Davis will continue to do the hard yards, make those “16-hour” workdays count. * In 2018, NMC raised $2 billion from banks that included Citi, JPMorgan and Standard Chartered, according to Reuters. According to the doctor, the tumour that was 10cm long and 6cm in width was the largest repor, Filomena Maguit Castillo got the Chinese Sinopharm jab in Abu Dhabi. NMC Health wants to raise up to $250 million ahead of UAE insolvency process: Sources SHOW MORE Last Update: Wednesday, 09 December 2020 KSA 20:04 - GMT 17:04 Several residents who took t...more, No effort will be spared to ensure speedy and effective distribution o...more. More importantly, it will buy precious time for the company. Dirham is first transaction on Arab world's new network, December 31 is deadline for UAE's ESR compliance, Indian rupee to end 2020 on a bullish note, Saudi's 2021 bank profitability to come under pressure. Abu Dhabi's NMC Health seeks another $250m in bank funds - Banking Gulf News. An 81-year-old Filipina grandma has done her bit to fight the pandemic by taking the Sinopharm Covid-19 vaccine in Abu Dhabi on Saturday. Coming under ADGM Court's jurisdiction is a defining moment in NMC Health's future revival plans. It’s future is “systemically” important.” (The group’s network of hospitals and clinics handles more than 8 million patients a year, of which 6 million plus are just from the UAE alone.). “With each passing day, one thing is obvious – NMC needs a new ownership,” said a banking source. You can manage them any time by clicking on the notification icon. NMC uses cookies to improve your experience on this website. Register to read and get full access to gulfnews.com, By clicking below to sign up, you're agreeing to our “The CEO is a “people’s person” – employees can see him as being completely transparent in his dealings with them,” said an official who knows him well. Dubai: Abu Dhabi's NMC Health has divested its speciality IVF-care business Eugin Group for 430 million euros, thus generating a fairly sizeable intake of funds that will help immensely in the coming months. NMC Healthcare is the largest private healthcare company in the UAE and ranks amongst the leading fertility service providers in the world. Medics in Dubai welcomed t...more, Public response to the Chinese Covid-19 jab likely to spike in the com...more, NMC will be shedding all non-core assets and refocus on being a UAE he...more, The introduction of the Covid vaccine in the UAE shows a ray of light ...more, Residents upbeat as they take the jab. These cookies are used to improve your experience and provide more personalized service to you. The transaction with Fresenius Helios  is, Janak Bahadur came to hospital complaining of incessant coughing and b...more, Filomena Maguit Castillo got the Chinese Sinopharm jab in Abu Dhabi. NMC Health Plc ’s administrators have started selling off assets of the troubled Middle Eastern hospital operator as they seek funds to pay back … Because anyone acquiring the company will have to assume these obligations. According to the court order, the current NMC management team will retain operational control over the hospitals and clinics, while the administrators – Richard Fleming and Ben Cairns of A&M – will handle the financial restructuring. NMC operates a portfolio of 100 healthcare facilities in the UAE alone, including the NMC Hospital Royal in Abu Dhabi and multiple specialty centres. On Friday, UAE-based Gulf News reported that NMC Health had terminated the employment of Dr Chandrakumari Shetty, B.R. To find out more about the cookies and data we use, please check out our, Dear Reader, please register to read gulfnews.com, Password should have minimum 7 characters with at least one letter and number. NMC Healthcare is a multispecialty hospital in Muscat, Oman. Selling off some of these and retaining the core could help with some of the debt clearance. Also, NMC has been having some of the best salary and compensation packages for its top talent. Add to myFT Digest Friday, 6 November, 2020. It’s now the biggest private health-care provider in the United Arab Emirates. But more immediately, NMC will need to pay off staff salaries, which are typically paid by the 25th of each month; but the February salaries are yet to be credited to staff accounts. Some of the cookies we use are essential for parts of the website to operate. Health chiefs began inoculating people on Wednesday with frontline workers and high-risk groups prioritised. NMC Health Plc uncovered $2.7 billion of debt hidden from its board that was used for unknown purposes, tipping the … Doctors here said their, Public response to the Chinese Covid-19 jab likely to spike in the coming days. “In the last 7 days, he’s been working 16 hours a day… trying to save the company.”. “The issue is whether the Board of Directors (now down to six from 11 members) will have control over this debt clearing process,” said Hussain Alladdin, Head of Research at GCP. © Al Nisr Publishing LLC 2020. Image Credit: Gulf News Archive Dubai: The UAE’s biggest private healthcare operator NMC is showing signs of a clear revival, with revenues now back to pre-COVID-19 levels. This set off a provision in the debt deal when principal shareholders cease to own more than 30 per cent in a company. NMC Healthcare shares were at 1816 pence on the LSE when I published my article in the Gulf and UK financial press on 30 December 2019. NMC Health is the largest private healthcare provider in the UAE, operating more than 200 facilities including hospitals, clinics and pharmacies. Shetty himself stepped down as director and joint non-executive chairman of NMC Health in February and is now facing criminal charges in Abu Dhabi allegedly for fraud and forgery. “It’s not like an Abraaj (the private equity giant that imploded over lax governance) or Drake & Scull (the contracting company that is now living with gut-wrenching financial losses). The Abu Dhabi headquartered group’s combined debt exposure is upwards of $2 billion, announced at the time of the 2019 half-yearly results. UAE-listed companies on Sunday revealed details of their exposures to troubled NMC Healthcare, Finablr and UAE Exchange with total exposure exceeding Dh7.66 billion. The UAE, NMC will be shedding all non-core assets and refocus on being a UAE healthcare business UAE. Add to myFT Digest. “Right now, the UAE healthcare scene is saturated, and there may not be enough opportunities for doctors and nursing staff to seek alternate options.”. Now, that may take longer than was initially expected, so much so, many don’t expect the 2019 results to be announced even by April 30… which is the last allowed day for it to come. World news platform. Dubai: Michael Davis is having a busy first week as the new (interim) CEO of NMC Health, the UAE’s largest hospital operator and now facing the fight of its life to nurse itself back into financial health. NMC Healthcare is the UAE's biggest private healthcare company with about 15,000 employees and revenue of $1.6bn. That loan included the refinancing of an existing facility of more than $1 billion and a bridge loan. This Pagani is a Dh19.8 million hypercar you cannot buy! NMC Healthcare is the largest healthcare provider in the UAE and is rapidly growing across the globe with an aim to personalize care and facilitate overall well-being of the patients | Experience best clinical care and advanced facilities from certified medical experts. 1 Min Read. The rating agency, Moody’s, has also dealt a body blow to NMC, saying “it no longer considers the company’s audited financial statements to be reliable.”, It has downgraded NMC debt rating, because the “company no longer has reliable access to funding.”. Trading in the NMC stock was suspended in London in February. (Sharecast News) - New administrators at troubled Gulf hospital operator NMC Health threw out the old board and brought in four new non-executive directors to handle the group's restructure. And the future of NMC requires that it should be bought by someone with deep pockets. Add this topic to your myFT Digest for news straight to your inbox. All rights reserved. Image Credit: Gulf News Archive Dubai: Abu Dhabi-based NMC Health’s immediate. 0 Comments Or whether it would come under the Bankruptcy Law, and whether the courts will oversee any such asset auction.”. Thank you for visiting our website!Can you give us a minute to share your browsing experience? NMC will be shedding all non-core assets and refocus on being a UAE healthcare business. Anyone who has turned up for an appointment at its hospitals and clinics also have a stake in it. Reaffirming the commitment to the community, NMC’s healthcare facilities around the world celebrated the day with patients, their families and the staff. So many questions, and so many answers yet to come. We’ll send you latest news updates through the day. Dubai: NMC Health continues to keep its shareholders on edge with doubts now forming over promoters’ actual controlling stakes. This website stores cookies on your computer. Banking sources say some of it has been paid back. © Al Nisr Publishing LLC 2020. Chandrakumari Shetty, a doctor, was not only group medical director of NMC Healthcare; she was the first employee of the company when her husband founded it in the mid-1970s. B.R. Its London-listed parent was placed into administration in April this year after several months of upheaval that began in December last year after US-based activist investor Muddy Waters alleged the company had inflated its cash balances and understated its debts. ... MEDIA-Abu Dhabi based NMC Health's trading arm sees major job cuts - Gulf News… Both on your website and other media. NMC’s administrator, Alvarez & Marsal Inc., says the group’s hospitals are operating as normal, though a company executive warned that placing NMC in … Shetty, founder and former chairman of NMC Health, has said new chairman Faisal Belhoul is a seasoned investor in health and education sector andwill lead the group from the front. NMC Healthcare has received bids to sell its distribution unit and will soon be selling it to different parties, sources said. and Terms of Use With a dedicated team of doctors and paramedical and support personnel, NMC own and manage numerous healthcare facilities globally and treat millions of patients worldwide every year. “NMC, literally, touches just about every other resident in the UAE. He doesn't even have a CFO to call on... the incumbent, Prashanth Shenoy, has been asked to extend his leave. Our aim is to provide world-class treatment and health care services by the best doctors. NMC Health has been placed in administration. Nmc less of a compelling buy for any nmc healthcare news gulf news owner, Mubadala best. 250M in bank funds - banking Gulf news Archive Dubai: the CEO of requires! Taking the Sinopharm Covid-19 vaccine in Abu Dhabi 's NMC Health nmc healthcare news gulf news Prasanth Manghat, has been before... 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