London court appoints joint administrators for UAE’s NMC Health

The NMC Specialty Hospital in Abu Dhabi, UAE. The private hospital group has seen its stock more than halve in value since December. (Reuters)
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Updated 10 April 2020
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London court appoints joint administrators for UAE’s NMC Health

  • UAE’s biggest private hospital group, has seen its stock more than halve in value since December after short-seller Muddy Waters questioned its financial statements

DUBAI: London’s High Court has placed hospital operator NMC Health into administration on the application of one of its biggest lenders, Abu Dhabi Commercial Bank, ADCB said on Thursday.

The joint administrators from turnaround advisory firm Alvarez & Marsal will take immediate control of NMC Health and will work on behalf of all stakeholders, ADCB said in a statement.

The move came following weeks of uncertainty relating to London-listed NMC’s debt levels and undisclosed shareholder dealings.

NMC, UAE’s biggest private hospital group, has seen its stock more than halve in value since December after short-seller Muddy Waters questioned its financial statements.

ADCB, which had $981 million in debt exposure to NMC Health, said the bank and other key creditors had concluded that an administration process is the most suitable route to ensure a rescue and turnaround of NMC Health PLC and its subsidiaries.

Administration is a process designed for a rapid business recovery, distinct from liquidation.

NMC, which recently revised its debt position to $6.6 billion, well above earlier estimates — had warned on Wednesday it was unable to reach agreement with its creditors despite strenuous efforts to address their concerns.

ADCB said that it is committed to working closely with the joint administrators, other creditors, stakeholders and regulators to ensure investigations into NMC Health are exhaustive.

The bank has committed to extend short-term working capital facilities to the company when the joint administrators commence their work, it said. 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.