‘Evidence of fraud’ at troubled UAE-based hospitals group NMC

NMC Health has identified it has an additional $2.7 billion of debt. (Reuters)
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Updated 13 March 2020
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‘Evidence of fraud’ at troubled UAE-based hospitals group NMC

  • Advisers to the group said that they had uncovered signs of “suspected fraudulent behavior” at the company

DUBAI: Fraud has been alleged for the first time at NMC Health, the troubled UAE-based hospitals group.

In a statement to the London Stock Exchange, where NMC shares are listed, advisers to the group said that they had uncovered signs of “suspected fraudulent behavior” at the company.

Although financial irregularities have been alleged at NMC since American activist investor Muddy Waters attacked it in a report last December, fraud — a criminal offense in the UAE and UK — had not so far been alleged. The company’s advisers — US investment bank Moelis & Co, accountants PWC and lawyers Allen & Overy — have referred their evidence to the authorities in the UAE and UK.

NMC affairs are being probed by a special review committee set up under former FBI boss Louis Freeh.

Its statement said: “The review advisers have informed the committee that they have uncovered evidence leading to suspected fraudulent behavior in relation to some elements of NMC’s previous financial activities . . . NMC is fully committed to investigating these activities and has notified the relevant authorities in the UK and UAE to determine what action they also consider to be appropriate.” 

NMC is the biggest health care provider in the UAE and has operations in 18 other countries, including Saudi Arabia where it runs hospitals in Jeddah and Al- khobar. Last year it signed a joint venture with Saudi authorities to develop medical facilities there.

“Whilst these various investigations are ongoing, NMC remains fully focused on the provision of its health care services in all communities in which it operates, and on its business performance, as well as safeguarding its operational liquidity to continue funding existing operations throughout its various subsidiaries,” the statement to the LSE added.

NMC was founded by Indian entrepreneur BR Shetty in the 1970s and was run by him and two Emirati businessmen — Khaleefa Butti Omair Al-Muhairi and Saeed Mohamed Butti Mohamed Khalfan Al-Qebaisi — after it was floated on the LSE in 2012. Shetty resigned executive roles in 2017.


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.