NMC Health

NMC Health was founded by B. R. Shetty in 1974 as the New Medical Centre in Abu Dhabi.[http://www.gulfnews.com/nation/General/10217153.html Focus on quality medical service for all] {{Webarchive|url=https://web.archive.org/web/20080604131338/http://www.gulfnews.com/Nation/General/10217153.html |date=2008-06-04 }}. Gulfnews.com article on BR Shetty. In 1981, a new marketing & distribution division, NMC Trading was launched, which distributed medicines to pharmacies in the UAE. This division would later expand into distribution of fast-moving consumer goods, medical equipments and supplies and educational products.{{cite web|url=http://www.tradearabia.com/news/HEAL_142128.html|title=NMC Trading wins Nivea award|date=21 April 2008|publisher=Trade Arabia|accessdate=11 March 2018|archive-url=https://web.archive.org/web/20180312144019/http://www.tradearabia.com/news/HEAL_142128.html|archive-date=12 March 2018|url-status=live}}

From 1996, NMC began expanding to other emirates, setting up the NMC Clinic in Sharjah (1996), NMC Hospital, Deira, Dubai (1999), the NMC Specialty Hospital, Dubai (2004) and NMC Specialty Hospital in Al Ain (2008). In 2009, these hospitals were awarded the JCIA accreditation.{{Cite web| url = http://www.nmchealth.com/history/| title = New Medical Center UAE {{!}} NMC Healthcare Milestones United Arab Emirates| website = NMC| language = en-US| access-date = 2016-02-28| archive-url = https://web.archive.org/web/20160324121622/http://www.nmchealth.com/history/| archive-date = 2016-03-24| url-status = live}} In April 2012, NMC listed on the London Stock Exchange.[http://www.lse.co.uk/FinanceNews.asp?ArticleCode=ksfot6ustmxs69j&ArticleHeadline=update_2-uae-based_nmc_health_plans_london_ipo UAE-based NMC Health plans London IPO] {{Webarchive|url=https://web.archive.org/web/20150929103513/http://www.lse.co.uk/FinanceNews.asp?ArticleCode=ksfot6ustmxs69j&ArticleHeadline=update_2-uae-based_nmc_health_plans_london_ipo |date=2015-09-29 }} London and South East, 8 March 2012{{cite web|url=https://www.ft.com/content/55fa4476-7cd6-11e1-9d8f-00144feab49a|title=UAE Health Group Raises £117m in London IPO|publisher=Financial Times|first=Robin|last=Wigglesworth|date=April 2, 2012|access-date=August 4, 2017|archive-url=https://web.archive.org/web/20170805020932/https://www.ft.com/content/55fa4476-7cd6-11e1-9d8f-00144feab49a|archive-date=August 5, 2017|url-status=live}} That same year, NMC began managing operations at the Shiekh Khalifa General Hospital in Umm Al Quwain, acquired the BR Medical Suites in Dubai Healthcare City and continued their expansion with the addition of new medical setups such as NMC Royal Hospital in Khalifa City{{cite web|title=$200 Million NMC Royal Hospital Opens in Abu Dhabi|url=http://www.emirates247.com/business/corporate/200-million-nmc-royal-hospital-opens-in-abu-dhabi-2016-03-07-1.623481|date=7 March 2016|publisher=Emirates 24/7|url-status=live|archive-url=https://web.archive.org/web/20170226091021/http://www.emirates247.com/business/corporate/200-million-nmc-royal-hospital-opens-in-abu-dhabi-2016-03-07-1.623481|archive-date=26 February 2017|access-date=9 November 2016}} and operations in Al Ain's industrial area.{{cite web|url=http://www.thenational.ae/business/industry-insights/economics/nmc-to-expand-health-division-with-new-hospital-in-al-ain|title=NMC to expand health division with new hospital in Al Ain|date=21 August 2013|publisher=The National|accessdate=10 April 2016|archive-url=https://web.archive.org/web/20160422021107/http://www.thenational.ae/business/industry-insights/economics/nmc-to-expand-health-division-with-new-hospital-in-al-ain|archive-date=22 April 2016|url-status=live}} In 2013, the company added a day-surgery centre in Mohammed Bin Zayed City in Abu Dhabi. NMC Health opened the NMC Hospital in Dubai Investments Park, NMC Brightpoint Royal Women's Hospital, and the NMC Medical Centre in Al Ain in 2014.

NMC Health acquired the Spain-based Clínica Eugin in 2015, allowing the company to become the leading integrated women's health provider from fertility through obstetrics and pediatrics in the UAE.{{cite web|url=http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12258999.html|title=NMC Health PLC announces the acquisition of leading global fertility centre|publisher=London Stock Exchange|accessdate=5 August 2015|archive-url=https://web.archive.org/web/20150928123341/http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12258999.html|archive-date=28 September 2015|url-status=dead}} That same year, the company also acquired UAE based medical groups, Dr. Sunny Healthcare Group (leading set of medical clinics in Sharjah and Northern Emirates), Provita and Americare Group, Abu Dhabi (focused on long-term care and rehabilitation){{Cite web| url = http://www.thenational.ae/business/economy/nmc-spends-almost-100-million-to-acquire-two-new-health-groups| title = NMC spends almost $100 million to acquire two new health groups {{!}} The National| website = www.thenational.ae| date = 29 April 2015| access-date = 2016-02-28| archive-url = https://web.archive.org/web/20160305172932/http://www.thenational.ae/business/economy/nmc-spends-almost-100-million-to-acquire-two-new-health-groups| archive-date = 2016-03-05| url-status = live}} and acquired a 51% stake in Fakih IVF, another leading fertility clinic in UAE.{{Cite web| url = http://www.thenational.ae/business/economy/nmc-taps-uae-fertility-market-with-51-stake-in-fakih-ivf-group| title = NMC taps UAE fertility market with 51% stake in Fakih IVF Group {{!}} The National| website = www.thenational.ae| date = 24 November 2015| access-date = 2016-02-28| archive-url = https://web.archive.org/web/20160304215117/http://www.thenational.ae/business/economy/nmc-taps-uae-fertility-market-with-51-stake-in-fakih-ivf-group| archive-date = 2016-03-04| url-status = live}}

In August 2016, the company expanded its operations into Saudi Arabia when it acquired a 70 percent stake in As Salama Hospital in Al Khobar; NMC Health also invested in a project to build a 120-bed care centre in Jeddah that will be managed by its subsidiary Provita.{{cite web|url=http://www.thenational.ae/business/economy/abu-dhabi-based-nmc-health-invests-32-million-in-saudi-healthcare-projects|title=Abu Dhabi-Based NMC Health Invests $32 Million In Saudi Healthcare Projects|publisher=The National|first=Sananda|last=Sahoo|date=29 August 2016|access-date=9 November 2016|archive-url=https://web.archive.org/web/20161103184140/http://www.thenational.ae/business/economy/abu-dhabi-based-nmc-health-invests-32-million-in-saudi-healthcare-projects|archive-date=3 November 2016|url-status=live}}{{cite web|url=https://www.telegraph.co.uk/business/2016/08/30/emirati-hospital-group-nmc-enters-lucrative-saudi-arabian-health/|title=Emirati Hospital Group NMC Enters Lucrative Saudi Arabian Healthcare Market|publisher=The Telegraph|first=Julia|last=Bradshaw|date=30 August 2016|access-date=9 November 2016|archive-url=https://web.archive.org/web/20160903064413/http://www.telegraph.co.uk/business/2016/08/30/emirati-hospital-group-nmc-enters-lucrative-saudi-arabian-health/|archive-date=3 September 2016|url-status=live}} In December 2016, NMC Health announced the acquisition of Al Zahra Hospital, one of the largest private hospitals in the UAE.{{cite web|url=http://www.thenational.ae/business/economy/nmc-health-makes-offer-for-al-zahra-hospital|title=NMC Health Makes Offer for Al Zahra Hospital|publisher=The National|first=John|last=Everington|date=14 December 2016|access-date=10 April 2017|archive-url=https://web.archive.org/web/20170428162358/http://www.thenational.ae/business/economy/nmc-health-makes-offer-for-al-zahra-hospital|archive-date=28 April 2017|url-status=live}} In 2017 Emirates Healthcare, owned by Abu Dhabi investment group KBBO, announced the signing of an operating and management contract with NMC Health for the management of their Emirates Healthcare assets.{{cite web|url=https://gulfnews.com/business/nmc-health-to-operate-and-manage-emirates-healthcare-assets-1.2079575|title=NMC Health to operate and manage Emirates Healthcare assets|date=24 August 2017|publisher=Gulf News|accessdate=28 February 2020|archive-url=https://web.archive.org/web/20191219045952/https://gulfnews.com/business/nmc-health-to-operate-and-manage-emirates-healthcare-assets-1.2079575|archive-date=19 December 2019|url-status=live}} NMC Health bought Aspen Healthcare for £10 million in August 2018.{{cite news |title=NMC Health books into British hospitals with £10m acquisition of Aspen Healthcare |url=https://www.thetimes.com/article/nmc-health-books-into-british-hospitals-with-10m-acquisition-of-aspen-healthcare-tzxlk5hf5 |access-date=6 November 2018 |work=The Times |date=21 August 2018 |archive-url=https://web.archive.org/web/20180821175518/https://www.thetimes.co.uk/article/nmc-health-books-into-british-hospitals-with-10m-acquisition-of-aspen-healthcare-tzxlk5hf5 |archive-date=21 August 2018 |url-status=live }}

In December 2019, short-seller Muddy Waters questioned the company's statement of accounts, concerned that NMC had "manipulated its balance sheet to understate debt" and contained statements which were "hallmarks of significant fraud".{{cite web|title=MW is Short NMC Health plc (NMC.LN)|url=https://www.muddywatersresearch.com/research/nmc/mw-is-short-nmc/|date=17 December 2019|publisher=Muddy Waters|url-status=live|archive-url=https://web.archive.org/web/20200301184132/https://www.muddywatersresearch.com/research/nmc/mw-is-short-nmc/|archive-date=1 March 2020|accessdate=10 March 2020}}{{Cite web|url=https://www.bloomberg.com/opinion/articles/2020-03-11/nmc-scandal-if-muddy-waters-is-shocked-you-ve-really-been-bad|title=If Muddy Waters is Shocked, You've Really Been Bad|last=Bryant|first=Chris|date=March 11, 2020|website=www.bloomberg.com|url-status=live|archive-url=https://web.archive.org/web/20200313004534/https://www.bloomberg.com/opinion/articles/2020-03-11/nmc-scandal-if-muddy-waters-is-shocked-you-ve-really-been-bad|archive-date=March 13, 2020|access-date=2020-03-11}}

In February 2020, Executive Vice Chairman Khalifa Butti Omeir Bin Yousef resigned from NMC. The company said a legal review was being undertaken to verify the total interests of some of its shareholders over concerns they have been incorrectly reported.{{Cite web|url=https://www.marketwatch.com/story/nmc-executive-vice-chairman-resigns-2020-02-14|title=NMC executive vice chairman resigns|last=Marchese|first=Adriano|website=MarketWatch|date=2020-02-14|archive-url=https://web.archive.org/web/20200228205829/https://www.marketwatch.com/story/nmc-executive-vice-chairman-resigns-2020-02-14|archive-date=2020-02-28|url-status=live}} Later in the month shares in the company were suspended from trading amid concerns that debt had been under-reported: the Financial Conduct Authority (FCA) announced an investigation.{{cite web|url=https://www.theguardian.com/business/2020/feb/27/fca-opens-inquiry-into-nmc-health|title=Watchdog opens NMC Health inquiry amid accounting scandal|work=The Guardian|date=27 February 2020|accessdate=29 February 2020|archive-url=https://web.archive.org/web/20200229013542/https://www.theguardian.com/business/2020/feb/27/fca-opens-inquiry-into-nmc-health|archive-date=29 February 2020|url-status=live}}

Also in February 2020, as per the regulatory fillings to the London Stock Exchange, the company disclosed about the "highly preliminary approaches" made by the private equity groups Kohlberg Kravis Roberts and Switzerland-based GK Investment for possible buyout.{{Cite news|title=NMC Health Gets Preliminary Approaches From KKR, GKI; Sees FY Results In-line|publisher=Markets Insider|url=https://markets.businessinsider.com/news/stocks/nmc-health-gets-preliminary-approaches-from-kkr-gki-sees-fy-results-in-line-1028887777|agency=RTTNews|date=10 February 2020}}{{Cite news|title=NMC Health confirms bid approaches from KKR & Co. and GK Investment Holding|url=https://www.marketwatch.com/story/nmc-health-confirms-bid-approaches-from-kkr-co-and-gk-investment-holding-2020-02-10|last=Marchese|first=Adriano|website=MarketWatch|date=2020-02-10}}{{Cite web|title=KKR and GK Investment prepare bids for under-fire NMC Health|url=https://www.thenational.ae/business/markets/kkr-and-gk-investment-prepare-bids-for-under-fire-nmc-health-1.977125|website=The National|date=10 February 2020 |language=en|access-date=2020-05-04}} However, Kohlberg Kravis Roberts withdrew by 11 February 2020,{{Cite news|date=2020-02-11|title=KKR rules out offer for NMC, Italian-backed group confirms interest|language=en|work=Reuters|url=https://in.reuters.com/article/us-nmc-health-offer-idINKBN2050O2|archive-url=https://web.archive.org/web/20200211094017/https://in.reuters.com/article/us-nmc-health-offer-idINKBN2050O2|url-status=dead|archive-date=February 11, 2020|access-date=2020-05-04}} and GK Investment withdrew by the end of February.{{Cite web|title=GKSD Investment walks away from offer for NMC Health|url=https://www.nasdaq.com/articles/gksd-investment-walks-away-from-offer-for-nmc-health-2020-03-09-0|first=Samantha |last=Machado|website=www.nasdaq.com|language=en|access-date=2020-05-04}}

In March 2020 the company reported that:{{cite web |url=https://markets.ft.com/data/announce/detail?dockey=1323-14455400-3GE0MIH8U4CLDAJNTCPNI4LNE9 |publisher=FT.com |title=NMC Health PLC - Update on financial position |date=10 March 2020 |accessdate=10 March 2020 }}

:it has identified over $2.7 billion in facilities that had previously not been disclosed to or approved by the Board ... The Board believes that some proceeds may have been utilised for non-Group purposes.

This meant that the actual indebtedness was not $2.1 billion as previously reported but circa $5 billion as at 30 June 2019.{{cite web|url=https://www.arabianbusiness.com/healthcare/442575-debt-levels-said-to-soar-to-5bn-at-troubled-nmc-health|title=Debt levels said to soar to $5bn at troubled NMC Health|publisher=Arabian Business|date=10 March 2020|accessdate=10 March 2020|archive-url=https://web.archive.org/web/20200411024323/https://www.arabianbusiness.com/healthcare/442575-debt-levels-said-to-soar-to-5bn-at-troubled-nmc-health|archive-date=11 April 2020|url-status=live}} On 24 March 2020 the total debt was then estimated at $6.6 billion.{{Cite web|url=https://www.thenational.ae/business/nmc-s-debt-now-estimated-to-be-6-6bn-1.996816|title=NMC's debt now estimated to be $6.6bn|website=The National|language=en|date=24 March 2020|access-date=2020-04-16}} Many employees were not paid at that time.{{cite news|url=https://www.business-humanrights.org/en/latest-news/uae-nmc-health-employees-go-unpaid-as-co-faces-financial-investigation/|title=UAE: NMC Health employees go unpaid as co. faces financial investigation|date=5 March 2020|newspaper=Business and Human Rights Resource Centre|access-date=16 March 2022}}

On 8 April 2020, NMC went into administration in the UK due to the insolvency of the company due to alleged frauds committed by founder and then-chairman of the board B.R. Shetty.{{cite web|url=https://finance.yahoo.com/news/nmc-insolvency-proceedings-inevitable-hospital-143125949.html|title=NMC Heads to Administration After Giving In to Creditor Demands|publisher=Reuters|accessdate=15 April 2020|archive-url=https://web.archive.org/web/20200411094227/https://finance.yahoo.com/news/nmc-insolvency-proceedings-inevitable-hospital-143125949.html|archive-date=11 April 2020|url-status=live}} Consequent to the request from the board of directors of NMC and on going investigation of potential financial irregularities, the company was suspended from its listing on the London Stock Exchange.{{cite web|url=https://research.ftserussell.com/products/index-notices/home/getnotice/?id=2596088|title=NMC Health (UK): Continued Suspension - Update|publisher=FTSE Russell|accessdate=15 April 2020|archive-url=https://web.archive.org/web/20200422124201/https://research.ftserussell.com/products/index-notices/home/getnotice/?id=2596088|archive-date=22 April 2020|url-status=live}}

On 15 April 2020, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health with the Attorney General's Office of UAE.{{Cite news|url=https://www.reuters.com/article/us-nmc-health-adcb-crime-idUSKCN21X1BY|title=ADCB files criminal complaint against individuals over NMC Health|date=2020-04-15|work=Reuters|access-date=2020-04-16|language=en|archive-url=https://web.archive.org/web/20200415222053/https://www.reuters.com/article/us-nmc-health-adcb-crime-idUSKCN21X1BY|archive-date=2020-04-15|url-status=live}}

In April 2021, HSBC and Standard Chartered cleared around $370M worth of positions in NMC's debt in two separate auctions as more information about likely restructuring recoveries become available.{{Cite news|url=https://reorg.com/update-1-hsbc-standard-chartered-sell-about-370m-of-nmc-healthcare-debt/|title=UPDATE 1: HSBC, Standard Chartered Sell About $370M of NMC Debt; HSBC Sells $20M Block of AFF Above Par; Unsecured Debt Trades in Teens to Low 20s Range|date=2021-04-01|work=Reorg|access-date=2021-04-06|language=en}}

In 2023 the UK FCA censured the company for committing market abuse by understating its debts by as much as $4bn. No fine was issued as the business was not expected to have any funds left after paying debts.{{cite news| agency=PA Media| title=Collapsed hospital operator NMC Health misled markets over £3.2bn of debt, says watchdog |newspaper=The Guardian | date=17 November 2023 | url=https://www.theguardian.com/business/2023/nov/17/collapsed-hospital-operator-nmc-health-misled-markets-over-32bn-of-debt-says-watchdog}}

NMC Health operates two business segments, healthcare distribution and services. The healthcare arm operates an international network of hospitals around the UAE and Europe. It is the largest private healthcare provider in the UAE and provides medical services including diagnostics, outpatient clinics, gynecology, obstetrics, human reproduction and pharmacy retail.{{cite web|url=https://www.reuters.com/finance/stocks/companyProfile?symbol=NMC.L|title=NMC Health PLC|publisher=Reuters|access-date=February 16, 2017|archive-url=https://web.archive.org/web/20170805022130/http://www.reuters.com/finance/stocks/companyProfile?symbol=NMC.L|archive-date=August 5, 2017|url-status=dead}} In 2017, it operated more than 45 locations and more than 15 pharmacies, and employed over 1,200 doctors who saw more than 11,000 patients daily.{{cite web|url=http://www.arabianbusiness.com/content/376478-nmc-health-eyes-25-growth-in-2017-says-new-ceo|title=UAE's NMC Health Eyes 25% Growth in 2017, Says New CEO|publisher=Arabian Business|first=Sarah|last=Townsend|date=17 July 2017|access-date=18 July 2017|archive-url=https://web.archive.org/web/20170717152707/http://www.arabianbusiness.com/content/376478-nmc-health-eyes-25-growth-in-2017-says-new-ceo|archive-date=17 July 2017|url-status=live}} NMC Health's distribution and services arm operates the subsidiary, NMC Trading, which engages in wholesale trading of pharmaceuticals, medical equipment, food and cosmetics.{{cite web|url=http://quotes.wsj.com/UK/XLON/NMC/company-people|title=NMC Health PLC|publisher=The Wall Street Journal|access-date=February 16, 2017|archive-url=https://web.archive.org/web/20170805020734/http://quotes.wsj.com/UK/XLON/NMC/company-people|archive-date=August 5, 2017|url-status=live}} NMC Trading has distribution rights for companies such as, Nestlé, Pfizer, Siemens, Samsung, Sanofi and Henkel.{{cite web|url=http://www.businessreviewmiddleeast.com/top10/684/NMC-Healthcare-in-10-facts|title=NMC Healthcare in 10 Facts|publisher=Middle East Business Review|date=31 August 2016|access-date=16 February 2017}}

NMC Health has been recognized as one of the UAE's strongest brands by the Superbrands Council since 2015. That same year, the company received the Frost & Sullivan Middle East Integrated Healthcare Company of the Year Award and a Sheikh Khalifa excellence award amongst others.{{cite web|url=http://www.skea.ae/English/SKEAWinners/Pages/Default.aspx|title=SKEA Winners|publisher=Sheikh Khalifa Excellence Award|access-date=November 28, 2016|archive-url=https://web.archive.org/web/20161202010406/http://www.skea.ae/English/SKEAWinners/Pages/Default.aspx|archive-date=December 2, 2016|url-status=dead}} The company was recognized for best practices in corporate social responsibility by the Dubai Chamber of Commerce and Industry in 2016.{{cite web|url=http://www.nmchealth.com/news/nmc-specialty-hospital-dubai-won-prestigious-dubai-chamber-csr-label-2016-ceremony-held-26-oct-2016/|title=NMC Specialty Hospital-Dubai Has Won the Prestigious Dubai Chamber CSR Label-2016|publisher=NMC Health|date=26 October 2016|access-date=9 November 2016|archive-url=https://web.archive.org/web/20170330150236/http://www.nmchealth.com/news/nmc-specialty-hospital-dubai-won-prestigious-dubai-chamber-csr-label-2016-ceremony-held-26-oct-2016/|archive-date=30 March 2017|url-status=live}} That same year, NMC Health received Stevie Awards in the Company of the Year in the Health Products and Services and Pharmaceuticals category and people's choice for favorite companies.{{cite web|url=https://stevieawards.com/sales/2016-stevie%C2%AE-award-winners|title=2016 Stevie Award Winners|work=Stevie Awards |date=28 January 2016 |publisher=The International Business Awards|access-date=17 November 2023}} {{Failed verification|date=November 2023}} In 2017, NMC Specialty Hospital and NMC Trading both received Mohammed bin Rashid Al Maktoum Business Excellence Awards.{{cite web|url=http://gulfnews.com/business/sectors/government/mohammad-bin-rashid-business-award-winners-announced-1.1982284|title=Mohammad Bin Rashid Business Award Winners Announced|publisher=Gulf News|first=Sarah|last=Diaa|date=21 February 2017|access-date=11 April 2017|archive-url=https://web.archive.org/web/20170416163118/http://gulfnews.com/business/sectors/government/mohammad-bin-rashid-business-award-winners-announced-1.1982284|archive-date=16 April 2017|url-status=live}} It has been selected by the Abu Dhabi National Oil Company (ADNOC) to manage operations of Ruwais Hospital in the Al Dhafra region.{{cite news|title=Adnoc awards Ruwais Hospital operations to NMC Healthcare|url=http://gulfnews.com/news/uae/health/adnoc-awards-ruwais-hospital-operations-to-nmc-healthcare-1.2181201|publisher=Gulf News|date=March 1, 2018|access-date=March 6, 2018|archive-url=https://web.archive.org/web/20180306184812/http://gulfnews.com/news/uae/health/adnoc-awards-ruwais-hospital-operations-to-nmc-healthcare-1.2181201|archive-date=March 6, 2018|url-status=live}}{{cite news|title=ADNOC picks UAE healthcare operator to run Ruwais Hospital|url=http://www.arabianbusiness.com/healthcare/391303-adnoc-picks-uae-healthcare-operator-to-run-ruwais-hospital|publisher=Arabian Business|date=1 Mar 2018|access-date=6 March 2018|archive-url=https://web.archive.org/web/20180306120319/http://www.arabianbusiness.com/healthcare/391303-adnoc-picks-uae-healthcare-operator-to-run-ruwais-hospital|archive-date=6 March 2018|url-status=live}}

{{Reflist}}

• [http://www.nmchealth.com/ Official website]

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Category:2012 initial public offerings

Category:Health care companies of the United Arab Emirates

Category:Companies listed on the London Stock Exchange

Category:Hospital networks

Category:Emirati companies established in 1974

Category:Health care companies established in 1974