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NMC Health expands in Saudi Arabia

The group has permission to expand an existing hospital, build a new one and buy two more
September 27, 2017

Shares in NMC Health (NMC) rose sharply following the announcement of significant expansion into Saudi Arabia. The FTSE 100 group received regulatory approval for 700 beds at its long-term care facility in Jeddah, the first greenfield healthcare facility from a foreign company in the country.

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The hospital has 220 beds at present, with a phased ramp-up projected to bring it to full capacity in the first half of 2019. In addition, NMC has agreed to acquire two multi-speciality hospitals for a total of $40m (£29.9m), one in the north-west and and another in the southern region of Saudi Arabia. It will also build a 170-bed multi-speciality hospital, due for completion in 2019.