Middle East

Abu Dhabi's Mubadala acquires 60% stake in Saudi, UAE healthcare provider

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DUBAI, June 16 (Reuters) - Abu Dhabi sovereign wealth fund Mubadala Investment Co. on Wednesday announced it has acquired a 60% stake in healthcare provider United Eastern Medical Services (UEMedical), which operates in Saudi Arabia and the United Arab Emirates.

The state fund's health unit bought the majority stake from United Eastern Group and Saudi investment firm Jadwa Investment, according to a statement published by Abu Dhabi's media office.

The value of the transaction was not disclosed. The deal is expected to close by this September.

Following completion of the deal, Mubadala's health business will add fertility & IVF, obstetrics, neonatology, and paediatric sub-specialties to its healthcare portfolio, the statement said.

UEMedical's assets include a women's and children's hospital and a Moorfields Eye Hospital, both in the Abu Dhabi emirate.

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Reporting by Alexander Cornwell, editing by Louise Heavens

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