December 22, 2008 / 7:41 AM / 11 years ago

Singapore's Parkway to manage Abu Dhabi hospital

 SINGAPORE, Dec 22 (Reuters) - Singapore healthcare firm
Parkway Holdings PARM.SI signed an agreement with United
Eastern Medical Services on Monday to manage a new $200 million
hospital in Abu Dhabi.
 The agreement marks the first foray for Parkway Holdings
into the Middle East. The hospital, Danat Al Emarat, will have
170 beds when it opens, with an expected total capacity of 300
beds.
 The deal comes a week after the Singapore firm's
announcement to cut salaries and lay off 4 percent of its staff
in a bid to rein in costs.
 "It's just to be prudent and pro-active," said Lim Cheok
Peng, Group President and managing director of Parkway
Holdings, at a briefing, referring to the cuts. "We have to be
cautious."
 Parkway expects to complete the 350-bed Novena hospital in
Singapore and a 500-bed joint-venture hospital in Mumbai in
2011, as planned.
 (Reporting by Matthew Webster; Editing by Neil Chatterjee)
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