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Abraaj acquires majority stake in oncology, radiology centres The group is establishing a local network for diagnosing and imaging tumours, aiming to turn it into regional a network
The Abraaj Group, specialised in direct investment, acquired a majority stake in Al-Kindy centre, specialised in oncological treatment, and Menara centre, oncology and imaging diagnostics centre in Marrakech. The acquisition was conducted through Abraaj's second generation North Africa Fund. According to a press release by Abraaj, Al-Kindy and Menara together form the largest private integrated network of imaging diagnostics and cancer treatment centres in Morocco, expected to collectively treat more than 10,000 patients in 2015. The statement explained that it is planned to expand the network over time to include partnerships with domestic and international oncology and imaging diagnostics centres. The healthcare sector is experiencing rising demand for quality cancer treatment centres, with approximately 30,000 to 40,000 new cancer cases reported each year in Morocco. For his side, Ahmed Badreldin, Partner and Regional Head of Middle East and North Africa for the Abraaj Group, said: "This new network for cancer treatment and imaging diagnostics centres in Morocco represents a unique opportunity to bring our significant global healthcare experience into a more specialised field." Anas Guennoun, Director at the Abraaj Group, said: "Our investment into Al Kindy and Menara is focused on the need to provide better quality cancer treatment facilities in Morocco." In the same context, Mohamed El Mandjra, CEO of the Oncology and Imaging Diagnostics holding company, established after the acquisition, said the partnership with Abraaj will enable the company to establish a regional company specialised in oncology and imaging diagnostics through conducting partnerships with medical entities in Arab countries. Since 2003, Abraaj has invested about $1bn globally across the healthcare spectrum; most of which was focused on the healthcare delivery and services, diagnostics centres and pharmaceuticals. Al-Kindy and Menara represent Abraaj's 27th healthcare deal globally and the group's eighth healthcare investment in North Africa. In March 2015, Abraaj, through its second generation North Africa Fund, invested in the North Africa Hospital Holdings Group, a healthcare platform to enhance the quality and accessibility of healthcare in Egypt and Tunisia.
