Moroccan hospital group where mother gave birth to nine plans IPO debut
May 10, 2021, 9:14 am

Moroccan hospital group where mother gave birth to nine plans IPO debut

969b9291-8f57-4393-8b65-af032ba1c20a_16x9_1200x676

A Moroccan private health-care provider that helped a mother give birth to nine babies this month is enacting a 1.5 billion dirham ($170 million) expansion before seeking an initial public offering.

Akdital Holding, the North African nation’s biggest operator of non-state hospitals, is considering an IPO “in the coming years that would help finance plans to extend its business beyond Morocco, Chief Executive Officer Rochdi Talib said.

The sector is also receiving a boost from King Mohammed VI’s plan to extend social insurance to all 37 million people in a country that has one of the lowest ratios of hospital beds to population in the Middle East and North Africa.

“Seven to eight new private general hospitals will see the light of day within the next few months in several Moroccan cities, Talib told Bloomberg in emailed comments. The company, which is 20 percent owned by a Mediterrania Capital Partners fund, is investing the sum from 2020-2023, he said.

Akdital’s short-term plans include doubling its overall capacity in Morocco to 1,800 beds by the end of 2022 and establishing facilities with 200-270 beds in all parts of the kingdom, according to the CEO. The firm expects turnover to climb to 700 million dirhams this year from 500 million in 2020.

Investment in Morocco’s private health-care has been rising in recent years, spurred by new regulations, increased middle-class purchasing power and the country’s growing profile as an affordable location for Europeans and others seeking non-essential procedures.

That comes as Morocco’s underfunded public health-care system languishes, with only five teaching hospitals and a chronic deficit of medical workers. The country has just one hospital bed per 1,000 people, according to World Bank data for 2017, the last year for which the lender cites figures. Nearby Mali, meanwhile, had the lowest proportion in the world at its last count.

That’s the home country of Halima Cisse, the 25-year-old who last week gave birth to five girls and four boys after being evacuated by the Malian government to an Akdital facility in Casablanca, Morocco’s largest city, for special care. Cisse, who’d been expecting seven children, appears to have set a new world record with her nonuplets.

source: Bloomberg

Image source: AFP

Levant

Australian court rejects challenge to India travel ban Taiwan to enforce 14-day quarantine on China Airlines pilots amid virus outbreak

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.