Abraaj invests in Al Kindy and Menara

Abraaj Group has acquired a majority stake in both Centre de Traitement Al Kindy, a Casablanca-based private oncology clinic and
Clinique Spécialisée Menara, an oncology and imaging diagnostics center in Marrakech. No financial terms were disclosed.


Casablanca, Morocco, 4 November 2015: The Abraaj Group (‘Abraaj’ or the ‘Group’), a leading investor operating in global growth markets, today announced the acquisition, through its second generation North Africa Fund, of a majority stake in Centre de Traitement Al Kindy (‘Al Kindy’), Casablanca’s largest private oncology clinic, and Clinique Spécialisée Menara (‘Menara’), a leading oncology and imaging diagnostics center in Marrakech. Al Kindy and Menara together form the largest private integrated network of imaging diagnostics and cancer treatment centers in Morocco with 12 doctors who are expected to collectively treat more than 10,000 patients in 2015. The network will expand over time to include partnerships with domestic and international oncology and imaging diagnostics centers in order to extend its services and reach.

Founded by Dr. Mohamed El Morchid and Dr. Abdellatif Bouih in 1989, Al Kindy is the first private oncology center in Morocco. Located in Casablanca, a city with a population of over 4 million people, Al Kindy is the largest private clinic of its kind in Morocco and is recognized for the calibre of its medical professionals and the sophistication of its medical technology and equipment, including two state-of-the-art Varian Rapid Arc Linear Accelerators (LINACs). Al Kindy serves patients from Morocco and neighbouring countries such as Mauritania, Mali and Senegal.

The Menara oncology center was founded in 2013 by six experienced doctors and medical professors. Leveraging its reputed medical team, Menara has grown into one of the leading referral oncology, radiology and diagnostics centers in Marrakech with plans to invest in additional radiotherapy technology.

With approximately 30,000 to 40,000 new cancer cases reported each year in Morocco, the healthcare sector is experiencing rising demand for quality cancer treatment centers. In addition to increasing patient accessibility and addressing supply shortages, the newly formed network aims to enhance the quality of treatment through the recruitment of accomplished medical professionals and investment in state-of-the-art medical technology. The network will also focus on patient care standards by adopting global healthcare best practices, and investing in training programs for doctors and nurses.

Al Kindy is also developing the first specialized paediatric oncology center in Morocco, with a dedicated medical team and an emphasis on a child-friendly environment. Both Al Kindy and Menara are well underway to expand their service offerings, including the launch of a haematology and bone marrow transplant unit, as well as an iodine treatment unit.

Commenting on the investment, 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 centers in Morocco represents a unique opportunity to bring our significant global healthcare experience into a more specialised field. Through the network, we will build on synergies to optimize provision of quality healthcare, improve facilities and processes, and encourage knowledge sharing between the different medical teams in order to enhance the overall quality and patient experience at each treatment center. We look forward to playing our part in raising standards for affordable, high quality cancer treatment for patients in Morocco.”

Anas Guennoun, Director at The Abraaj Group, commented: “Our investment into Al Kindy and Menara is focused on the need to provide better quality cancer treatment facilities in Morocco. Over the years, we have seen a rise in the incidence of non-communicable diseases, especially cancer, alongside a shortfall of quality Moroccan healthcare systems to treat such conditions. Al Kindy and Menara have excellent reputations in the market, with an experienced medical team, strong partnerships with state and private insurance companies, and the capacity to further grow services and facilities to provide outstanding patient care.”

Mohamed El Mandjra, Chief Executive Officer of the newly formed Oncology and Imaging Diagnostics holding company, added: “Providing our patients with accessible and high quality treatment is a priority for us. Our partnership with Abraaj through the creation of a larger, integrated network enables us to achieve that goal. Abraaj has a strong track record in the global healthcare space, in addition to deep local understanding and experience. We look forward to working with Abraaj as our partner in North Africa and, jointly, creating a center of excellence for imaging diagnostics and oncology treatment in the region.”

Since 2003, the Group has deployed nearly US$ 1 billion globally across the healthcare spectrum in growth markets, including healthcare delivery and services, diagnostics centers and pharmaceuticals. Al Kindy and Menara represent Abraaj’s 27th healthcare transaction 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.

www.twitter.com/abraajgroup @abraajgroup

The Abraaj Group (“Abraaj” or “the Group”) is a leading private equity investor, purpose-built for operating in the growth markets of Africa, Asia, Latin America, the Middle East, and Turkey.

Employing over 300 people, Abraaj has over 20 offices spread across five regions with hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore. The Group currently manages c. US$ 9 billion across regional, sector and country-specific Funds.

Abraaj has realized c. US$ 5.4 billion from over 70 full and partial exits, and Funds managed by the Group have made over 140 investments across 10 sectors including consumer, energy, financials, healthcare and utilities. The Group is committed to the highest environmental, stakeholder engagement and corporate governance standards and is a signatory to the United Nations-backed Principles for Responsible Investment and the United Nations Global Compact. Abraaj’s founder, Arif Naqvi, was appointed to the United Nations Global Compact Board by UN Secretary-General Ban Ki-moon in 2012 and to the Interpol Foundation Board in 2014.

This publication is issued by Abraaj Capital Limited (“ACLD” or the “Firm”), a member of The Abraaj Group that is authorised and regulated by the Dubai Financial Services Authority (“DFSA”). Several Group members are regulated by a number of international regulatory authorities including the DFSA under whose rules ACLD has issued this publication.