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.