|January 30, 2008
GE Healthcare announces participation in Shefa Healthcare Fund
GE's innovations are aligned to address the specific healthcare concerns of the Middle East, a growing market estimated at US$10 billion annually.
GE Healthcare, a US$17 billion business of General Electric Company (GE), today announced an investment in Shefa Healthcare Fund (SHF) managed by Injazat Capital Limited (ICL). GE Healthcare will join the impressive list of investors including IFC-the private equity sector arm of the World Bank Group, Saudi Healthcare Investment Company, Zabeel Investments and ICL- the operator of the fund.
SHF is a US$100m private equity fund focusing solely on healthcare. The objective of the fund is to increase the quality and affordability of private healthcare services through the establishment of the first comprehensive healthcare network in the region. GE's investment brings technical expertise and industry experience to SHF as well as clearly shows GE's strong commitment to the region.
"Participating in this project complements the company's already strong involvement in the region in sectors as wide-ranging as infrastructure, aviation, oil and gas and healthcare. The Middle East region has all the key drivers that are favorable for the growth of GE businesses," said GE's Chairman of the Board and Chief Executive Officer, Jeffrey Immelt during his visit to the region.
"We are pleased to support Shefa Healthcare Fund's initiatives that will help transform regional healthcare delivery," added Immelt.
Hussein Rifai, Managing Director of Injazat Capital, said, "By establishing strategic privileged cooperation with key global players like GE Healthcare, SHF will accelerate the development of a modern and efficient health network to help improve healthcare and provide high-quality management and medical standards."
SHF's active investment strategy identifies well established hospitals and healthcare companies that it can develop by introducing operating efficiencies, modern financial controls, technical best practice and corporate governance.
The Middle East and North Africa region is considered to be one of the fastest growing healthcare infrastructures. Healthcare providers are facing increasing demand for more and better quality services from patients and enhanced performance and profitability from shareholders.