The company behind plans to build a $272 million "smart hospital" and research focused university in Dubai, is reportedly looking to sell a 30 percent stake through an initial public offering.
The head of Dr Soliman Fakeeh Hospital, owner of one of Saudi Arabia’s largest private hospitals, told Bloomberg that the group would probably sell shares within the next three years.
“We’re applying corporate governance standards and we are ready to go for listing whenever we feel the market conditions are appropriate,” Mazen Fakeeh, president and chairman of the group was quoted as saying.
The company, which opened its first hospital in Saudi Arabia in 1978, plans to spend AED1 billion ($272 million) building a 300-bed hospital and a research-focused university in Dubai Silicon Oasis.
The project will be the company’s first outside its home market.
Phase one, a 150-bed hospital is set to complete in 2017, followed by the completion of phase two in 2019, adding an additional 150 beds as well as a research-focused university.
Dubai Silicon Oasis chairman Sheikh Ahmed Bin Saeed Al Maktoum said: "Dubai plans to attract 500,000 medical tourists a year and boost its economy by up to AED2.6 billion in the next five years. By hosting FAMC at DSO, we reiterate our complete support to this project throughout the implementation of the prestigious medical facility.
"The high-profile project seeks to implement the strategy put in place by the executive board for the promotion of Dubai as a leading destination for medical tourism. I am confident FAMC will serve as a hub for research and achieve medical milestones across a wide spectrum of healthcare issues.”
Technology such as IT-enabled patient rooms with health-monitoring technology will ensure the hospital conforms to high sanitation standards and will help reduce the possibility of medical errors, as well as simplify everyday operations and workflow.
By removing time consuming paper trails, doctors and nurses will be freed up to focus more on patient care.
DSO is a wholly-owned entity of the government of Dubai and operates as a free zone technology park for companies looking to set up offices in Dubai.