Aster DM Healthcare has acquired an additional 57 percent stake in Riyadh's Sanad Hospital, raising its total ownership stake to 97 percent.
The AED 900 million ($ 245 Million) investment in the Kingdom brings the total number of Aster DM Healthcare hospitals to six in the Gulf.
Sanad Hospital has seen steady growth over the last eight years, with 250 patient beds, over 100 physicians and surgeons as well as 800 employees of which 30 percent are Saudi nationals. "This investment is a reiteration of our commitment to provide advanced medical care at affordable cost to the residents of Saudi Arabia," said Dr. Azad Moopen, chairman of Aster DM Healthcare.
Aster DM Healthcare, which acquired a 40 per cent stake in Sanad Hospital in December 2011, also has healthcare facilities in India, Jordan and the Philippines.
According to a Colliers report in 2012, Saudi Arabia had the lowest number of beds, nurses and doctors per 1,000 people in the Arabian Gulf.
"By combining forces and bringing together a group of clinics and hospitals, the talent pool can be shared within the provider group and it would create synergies within the group and for the health sector," Ahmed Faiyaz, a healthcare analyst with the consultancy EY, said of Aster DM Healthcare's investment move.