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August 24, 2020

Mayo Clinic invests in hospital project in Abu Dhabi, UAE

US-based Mayo Clinic has invested $50m in a 741-bed hospital project, named Sheikh Shakhbout Medical City, in Abu Dhabi, UAE.

US-based Mayo Clinic has invested $50m in a 741-bed hospital project, named Sheikh Shakhbout Medical City, in Abu Dhabi, UAE.

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Sheikh Shakhbout Medical City is a joint venture (JV) between Mayo and the Abu Dhabi Health Services (SEHA). The JV was originally entered in November last year and the hospital started accepting patients in late 2019.

Under the JV agreement, Mayo became a shareholder in the new operating company. Sheikh Shakhbout Medical City delivers specialty care across multiple clinical practices.

Mayo and SEHA developed a plan to activate 24 specialty clinics, including the 300,000m2 Sheikh Shakhbout Medical City hospital.

When the project was announced, Mayo Clinic CEO Gianrico Farrugia said: “This is a collaboration and a unique partnership in the region, with Mayo Clinic physicians, nurses, administrators and others working side by side with colleagues from SEHA.

“We look forward to transforming Sheikh Shakhbout Medical City into the premier destination for medical care in the region.”

The latest investment provides Mayo with a 25% equity stake in the hospital project, according to its recent quarterly financial report.

For the second quarter of this year from 1 April to 30 June, Mayo recorded revenues of $3.22bn, with net operating income of $154m. The clinic was shut for approximately six weeks of the quarter in the wake of the ongoing Covid-19 pandemic.

With temporary staff and pay reductions, Mayo reported expense reductions totaling $300m in May and June. The hospital also obtained $173m in emergency relief funds.

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Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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