Business & Finance Club Magazine - Medical Sector - Qatar: Qatar First Investment Bank (QFIB), along with a regional private equity firm Ithmar, has ventured into the Gulf region’s healthcare sector by picking up “strategic” stake in the UAE-based Al Noor Medical Company.

The equity partake came as part of the newly launched healthcare platform, which will seek to capitalise on the extensive growth opportunities in the GCC healthcare service and pharmaceutical/life science sectors.

Al Noor Medical Company is a state-of-the-art institution offering a full array of healthcare services. Established in 1985 as a polyclinic, Al Noor has developed into the leading private provider of integrated healthcare services in Abu Dhabi with three hundred beds in three secondary care hospitals, three primary care clinics and ten pharmacies.

QFIB did not disclose the size of the equity stake and the value of the deal.

“Today we are launching an important regional initiative in the growing GCC healthcare market. The platform is innovative, market leading and we are very pleased to be partnering with Ithmar on this exciting project,” QFIB chairman Abdulla bin Fahad bin Ghorab al-Marri said.

The strategic partnership, according to him, would give QFIB exposure to the health care business in addition to the opportunity of establishing a foothold in this growing sector.

QFIB, a non-affiliated Shariah-compliant investment bank regulated by the Qatar Financial Centre Regulatory Authority, registered a gross income  $85.6mn (QR312mn) in 2009.

“Our alliance with QFIB is an optimal fit, leveraging on the Bank’s extensive shareholder network in Qatar and Saudi Arabia. QFIB has demonstrated its ability to generate attractive returns by building shareholder value through hard work, collaboration with companies and active participation,” Faisal Belhoul, managing partner and founder of Ithmar Capital, said.