Aster DM Healthcare to Expand in Saudi Arabia
Aster DM Healthcare, a major private sector healthcare company based in the United Arab Emirates, has announced plans to dual-list in the UAE and Saudi Arabia within the next three to five years. This move is part of the company’s strategy to expand its presence in the Middle East, particularly in the region’s two biggest economies, Saudi Arabia and the UAE.
Aster DM Healthcare Expansion
The company has been making significant investments in these markets. In the UAE, Aster DM Healthcare plans to spend 250 million dirhams (approximately $68.1 million) on new projects over the next two years. This includes the construction of a new Aster hospital in Sharjah, adding to its existing network of six hospitals, 84 clinics, and 183 pharmacies in the UAE.
On the other hand, in Saudi, Aster DM Healthcare is expanding its only facility in KSA, the Aster Sanad Hospital in Riyadh, by adding 70 more beds this year. The hospital currently has 230 beds. The expansion in Saudi Arabia aligns with the company’s focus on growth in this market.
Additionally, the company’s decision to dual-list in the UAE and Saudi Arabia is influenced by the strong growth potential in these markets. According to Azad Moopen, chairman of Aster DM Healthcare, both the UAE and Saudi Arabia offer lucrative opportunities for growth in various healthcare sectors, including hospitals, pharmacies, and clinics.
However, Aster DM Healthcare has decided not to enter the Egyptian market in the immediate future due to concerns over currency fluctuation and the challenges associated with moving foreign currency out of the country. Despite recognizing Egypt as a country with significant investment opportunities, the company has opted to focus its efforts on strengthening its position in the UAE and Saudi.
Furthermore, this strategic move by Aster DM Healthcare to dual-list and expand in the Middle East underscores the company’s commitment to growing its presence in key markets while navigating the complex economic and regulatory landscapes of the region.
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