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NMC Health

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clinics, gynecology, obstetrics, human reproduction and pharmacy retail. In 2017, it operated more than 45 locations and more than 15 pharmacies, and employed over 1,200 doctors who saw more than 11,000 patients daily. NMC Health's distribution and services arm operates the subsidiary, NMC Trading, which engages in wholesale trading of pharmaceuticals, medical equipment, food and cosmetics. NMC Trading has distribution rights for companies such as,
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NMC Health acquired the Spain-based Clínica Eugin in 2015, allowing the company to become the leading integrated women's health provider from fertility through obstetrics and pediatrics in the UAE. That same year, the company also acquired UAE based medical groups, Dr. Sunny Healthcare Group (leading
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In February 2020, Executive Vice Chairman Khalifa Butti Omeir Bin Yousef resigned from NMC. The company said a legal review was being undertaken to verify the total interests of some of its shareholders over concerns they have been incorrectly reported. Later in the month shares in the company were
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From 1996, NMC began expanding to other emirates, setting up the NMC Clinic in Sharjah (1996), NMC Hospital, Deira, Dubai (1999), the NMC Specialty Hospital, Dubai (2004) and NMC Specialty Hospital in Al Ain (2008). In 2009, these hospitals were awarded the JCIA accreditation. In April 2012, NMC
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NMC Health operates two business segments, healthcare distribution and services. The healthcare arm operates an international network of hospitals around the UAE and Europe. It is the largest private healthcare provider in the UAE and provides medical services including diagnostics, outpatient
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On 8 April 2020, NMC went into administration in the UK due to the insolvency of the company due to alleged frauds committed by founder and then-chairman of the board B.R. Shetty. Consequent to the request from the board of directors of NMC and on going investigation of potential financial
277:. In 1981, a new marketing & distribution division, NMC Trading was launched, which distributed medicines to pharmacies in the UAE. This division would later expand into distribution of fast-moving consumer goods, medical equipments and supplies and educational products. 328:, one of the largest private hospitals in the UAE. In 2017 Emirates Healthcare, owned by Abu Dhabi investment group KBBO, announced the signing of an operating and management contract with NMC Health for the management of their Emirates Healthcare assets. NMC Health bought 466:
in 2016. That same year, NMC Health received Stevie Awards in the Company of the Year in the Health Products and Services and Pharmaceuticals category and people's choice for favorite companies. In 2017, NMC Specialty Hospital and NMC Trading both received
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This meant that the actual indebtedness was not $ 2.1 billion as previously reported but circa $ 5 billion as at 30 June 2019. On 24 March 2020 the total debt was then estimated at $ 6.6 billion. Many employees were not paid at that time.
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set of medical clinics in Sharjah and Northern Emirates), Provita and Americare Group, Abu Dhabi (focused on long-term care and rehabilitation) and acquired a 51% stake in Fakih IVF, another leading fertility clinic in UAE.
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In 2023 the UK FCA censured the company for committing market abuse by understating its debts by as much as $ 4bn. No fine was issued as the business was not expected to have any funds left after paying debts.
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it has identified over $ 2.7 billion in facilities that had previously not been disclosed to or approved by the Board ... The Board believes that some proceeds may have been utilised for non-Group purposes.
1072: 549: 851: 261:(FCA) censured the company for committing market abuse by understating its debts by as much as $ 4bn. No fine was issued as the business was not expected to have any funds left after paying debts. 962: 1129: 825: 344:
questioned the company's statement of accounts, concerned that NMC had "manipulated its balance sheet to understate debt" and contained statements which were "hallmarks of significant fraud".
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cleared around $ 370M worth of positions in NMC's debt in two separate auctions as more information about likely restructuring recoveries become available.
847: 1218: 958: 1780: 821: 1121: 305:. NMC Health opened the NMC Hospital in Dubai Investments Park, NMC Brightpoint Royal Women's Hospital, and the NMC Medical Centre in Al Ain in 2014. 250:
judge Sebastian Prentis due to the insolvency of the company caused by frauds alleged to have been committed by the founder and chairman of the board
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for possible buyout. However, Kohlberg Kravis Roberts withdrew by 11 February 2020, and GK Investment withdrew by the end of February.
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excellence award amongst others. The company was recognized for best practices in corporate social responsibility by the
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fillings to the London Stock Exchange, the company disclosed about the "highly preliminary approaches" made by the
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that will be managed by its subsidiary Provita. In December 2016, NMC Health announced the acquisition of
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The company was accused in 2019 of understating debt on its balance sheet and later revealed that debt of
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and continued their expansion with the addition of new medical setups such as NMC Royal Hospital in
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and Northern Emirates. The company operates and manages over 200 facilities in 19 countries.
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filed a criminal complaint against NMC Health with the Attorney General's Office of UAE.
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irregularities, the company was suspended from its listing on the London Stock Exchange.
697: 402: 325: 1711: 1603:"NMC Specialty Hospital-Dubai Has Won the Prestigious Dubai Chamber CSR Label-2016" 1550: 1065:"NMC Health books into British hospitals with £10m acquisition of Aspen Healthcare" 717: 329: 221: 95: 55: 1219:"NMC Health confirms bid approaches from KKR & Co. and GK Investment Holding" 900:"NMC spends almost $ 100 million to acquire two new health groups | The National" 781: 704: 209: 929:"NMC taps UAE fertility market with 51% stake in Fakih IVF Group | The National" 1204:"NMC Health Gets Preliminary Approaches From KKR, GKI; Sees FY Results In-line" 360: 37: 959:"Abu Dhabi-Based NMC Health Invests $ 32 Million In Saudi Healthcare Projects" 1749: 986:"Emirati Hospital Group NMC Enters Lucrative Saudi Arabian Healthcare Market" 874:"NMC Health PLC announces the acquisition of leading global fertility centre" 368: 247: 45: 348:
suspended from trading amid concerns that debt had been under-reported: the
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NMC Health has been recognized as one of the UAE's strongest brands by the
313: 290: 270: 251: 85: 1367:"UAE: NMC Health employees go unpaid as co. faces financial investigation" 320:; NMC Health also invested in a project to build a 120-bed care centre in 747:"New Medical Center UAE | NMC Healthcare Milestones United Arab Emirates" 451: 356: 297:'s industrial area. In 2013, the company added a day-surgery centre in 165: 1681: 1262:"KKR rules out offer for NMC, Italian-backed group confirms interest" 317: 302: 274: 176: 156: 136: 746: 419: 1419:"ADCB files criminal complaint against individuals over NMC Health" 575:"UPDATE 1-NMC Health identifies over $ 2.7 bln in undisclosed debt" 458:
Middle East Integrated Healthcare Company of the Year Award and a
26: 652:"NMC Heads to Administration After Giving In to Creditor Demands" 431: 427: 439: 435: 423: 321: 294: 233: 67: 1237:"KKR and GK Investment prepare bids for under-fire NMC Health" 1039:"NMC Health to operate and manage Emirates Healthcare assets" 544: 316:
when it acquired a 70 percent stake in As Salama Hospital in
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In August 2016, the company expanded its operations into
216:) is a healthcare chain and distribution business in the 1525:"UAE's NMC Health Eyes 25% Growth in 2017, Says New CEO" 471:
Business Excellence Awards. It has been selected by the
540:"NMC Health spreads its wings across Muscat to Al Hail" 475:(ADNOC) to manage operations of Ruwais Hospital in the 246:
On 8 April 2020, NMC was placed into administration by
1652:"Mohammad Bin Rashid Business Award Winners Announced" 1292:"GKSD Investment walks away from offer for NMC Health" 822:"$ 200 Million NMC Royal Hospital Opens in Abu Dhabi" 625:"NMC Health Placed Into Administration by U.K. Court" 454:
since 2015. That same year, the company received the
1122:"If Muddy Waters is Shocked, You've Really Been Bad" 597: 595: 1761:Health care companies of the United Arab Emirates 1579:. Sheikh Khalifa Excellence Award. Archived from 592: 1747: 1393:"NMC Health (UK): Continued Suspension - Update" 646: 644: 504:"NMC Health plc Annual Report and Accounts 2018" 603:"NMC Health PLC - Update on financial position" 1013:"NMC Health Makes Offer for Al Zahra Hospital" 16:UAE healthcare chain and distribution business 1766:Companies listed on the London Stock Exchange 1504:. Middle East Business Review. 31 August 2016 1206:. Markets Insider. RTTNews. 10 February 2020. 796:"UAE Health Group Raises £117m in London IPO" 641: 793: 691: 1010: 741: 739: 335: 25: 1781:Health care companies established in 1974 1371:Business and Human Rights Resource Centre 675: 673: 374:In March 2020 the company reported that: 1522: 1342:"NMC's debt now estimated to be $ 6.6bn" 1216: 1149: 983: 698:Focus on quality medical service for all 498: 496: 494: 492: 876:. London Stock Exchange. Archived from 736: 220:(UAE). The company is headquartered in 1748: 1496: 1494: 1119: 670: 464:Dubai Chamber of Commerce and Industry 1776:Emirati companies established in 1974 1184:from the original on 29 February 2020 1152:"NMC executive vice chairman resigns" 1095:"MW is Short NMC Health plc (NMC.LN)" 1087: 1045:from the original on 19 December 2019 1011:Everington, John (14 December 2016). 992:from the original on 3 September 2016 956: 828:from the original on 26 February 2017 794:Wigglesworth, Robin (April 2, 2012). 775:UAE-based NMC Health plans London IPO 707:. Gulfnews.com article on BR Shetty. 552:from the original on 24 December 2019 520:from the original on 26 December 2019 489: 273:in 1974 as the New Medical Centre in 1649: 1465: 965:from the original on 3 November 2016 569: 567: 1631:. The International Business Awards 1557:from the original on August 5, 2017 1491: 1318:. Arabian Business. 10 March 2020. 1289: 1132:from the original on March 13, 2020 1075:from the original on 21 August 2018 802:from the original on August 5, 2017 784:London and South East, 8 March 2012 243:2.7 billion had not been reported. 213: 13: 1688:from the original on March 6, 2018 1658:from the original on 16 April 2017 1609:from the original on 30 March 2017 1399:from the original on 22 April 2020 1322:from the original on 11 April 2020 1097:. Muddy Waters. 17 December 2019. 1019:from the original on 28 April 2017 984:Bradshaw, Julia (30 August 2016). 854:from the original on 22 April 2016 724:from the original on 12 March 2018 658:from the original on 11 April 2020 355:Also in February 2020, as per the 352:(FCA) announced an investigation. 14: 1792: 1734: 1718:from the original on 6 March 2018 1531:from the original on 17 July 2017 1101:from the original on 1 March 2020 957:Sahoo, Sananda (29 August 2016). 564: 1650:Diaa, Sarah (21 February 2017). 1523:Townsend, Sarah (17 July 2017). 1217:Marchese, Adriano (2020-02-10). 1162:from the original on 2020-02-28. 1150:Marchese, Adriano (2020-02-14). 1120:Bryant, Chris (March 11, 2020). 850:. The National. 21 August 2013. 332:for £10 million in August 2018. 172: 171: 152: 151: 132: 131: 1700: 1670: 1643: 1621: 1605:. NMC Health. 26 October 2016. 1595: 1569: 1543: 1516: 1440: 1429:from the original on 2020-04-15 1411: 1385: 1359: 1334: 1308: 1283: 1254: 1229: 1210: 1196: 1166: 1143: 1113: 1057: 1031: 1004: 977: 950: 939:from the original on 2016-03-04 921: 910:from the original on 2016-03-05 892: 866: 840: 824:. Emirates 24/7. 7 March 2016. 814: 787: 768: 757:from the original on 2016-03-24 720:. Trade Arabia. 21 April 2008. 340:In December 2019, short-seller 718:"NMC Trading wins Nivea award" 710: 617: 532: 473:Abu Dhabi National Oil Company 469:Mohammed bin Rashid Al Maktoum 445: 59:(Suspended as of 9 April 2020) 1: 1756:2012 initial public offerings 1041:. Gulf News. 24 August 2017. 687:. PA Media. 17 November 2023. 482: 412: 1502:"NMC Healthcare in 10 Facts" 1268:. 2020-02-11. Archived from 7: 1629:"2016 Stevie Award Winners" 1553:. The Wall Street Journal. 350:Financial Conduct Authority 259:Financial Conduct Authority 10: 1797: 269:NMC Health was founded by 264: 224:and has branch offices in 214:مستشفى المركز الطبي الجديد 1475:. Reuters. Archived from 392:Abu Dhabi Commercial Bank 193: 183: 163: 143: 127: 105: 91: 81: 73: 63: 43: 33: 24: 605:. FT.com. 10 March 2020 365:Kohlberg Kravis Roberts 336:Under-reporting of debt 299:Mohammed Bin Zayed City 367:and Switzerland-based 139:2,057.3 million (2018) 287:Dubai Healthcare City 283:London Stock Exchange 1527:. Arabian Business. 1272:on February 11, 2020 1180:. 27 February 2020. 935:. 24 November 2015. 880:on 28 September 2015 456:Frost & Sullivan 218:United Arab Emirates 179:251.9 million (2018) 159:379.8 million (2018) 100:United Arab Emirates 1583:on December 2, 2016 1290:Machado, Samantha. 798:. Financial Times. 452:Superbrands Council 185:Number of employees 21: 1243:. 10 February 2020 1071:. 21 August 2018. 933:www.thenational.ae 904:www.thenational.ae 780:2015-09-29 at the 703:2008-06-04 at the 403:Standard Chartered 390:On 15 April 2020, 293:and operations in 117:David Hadley (CEO) 19: 1771:Hospital networks 1684:. March 1, 2018. 1479:on August 5, 2017 1126:www.bloomberg.com 988:. The Telegraph. 906:. 29 April 2015. 326:Al Zahra Hospital 203: 202: 198:www.nmchealth.com 1788: 1741:Official website 1728: 1727: 1725: 1723: 1712:Arabian Business 1704: 1698: 1697: 1695: 1693: 1674: 1668: 1667: 1665: 1663: 1647: 1641: 1640: 1638: 1636: 1625: 1619: 1618: 1616: 1614: 1599: 1593: 1592: 1590: 1588: 1573: 1567: 1566: 1564: 1562: 1551:"NMC Health PLC" 1547: 1541: 1540: 1538: 1536: 1520: 1514: 1513: 1511: 1509: 1498: 1489: 1488: 1486: 1484: 1473:"NMC Health PLC" 1469: 1463: 1462: 1460: 1459: 1444: 1438: 1437: 1435: 1434: 1415: 1409: 1408: 1406: 1404: 1395:. 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