DUBAI: Abu Dhabi’s sovereign fund Mubadala is considering buying NMC Health’s core hospital business, three sources familiar with the matter told Reuters, emerging as another suitor of the troubled hospital group.
NMC, the largest private health care provider in the United Arab Emirates, ran into trouble last year after the disclosure of more than $4 billion in hidden debt left a many UAE and overseas lenders with heavy losses.
The company, now in administration, is exploring the possibility of selling its health care business in the UAE and Oman, which sources have previously said could generate around $1 billion.
Mubadala, which has over $230 billion in assets under management, is one of the investors and companies looking at the asset, said the sources.
“As an investor we regularly assess opportunities for their potential fit into our portfolio,” a source close to Mubadala told Reuters.
Other suitors include Abu Dhabi state-owned holding company ADQ and Europe’s largest private equity firm CVC, Reuters reported earlier this month.
Sources have told Reuters the potential sale is a price discovery exercise to determine whether NMC’s business can get the value its creditors seek, or whether the business should keep the assets, complete the restructuring, and sell when they can achieve the value they want.
NMC did not immediately respond to a comment request.
Abu Dhabi’s Mubadala said to be interested in buying NMC hospital business
https://arab.news/7nkab
Abu Dhabi’s Mubadala said to be interested in buying NMC hospital business
- NMC ran into trouble last year after the disclosure of more than $4 billion in hidden debt left a many UAE and overseas lenders with heavy losses
Egypt-born Dina Powell McCormick appointed Meta president and vice chairman
- The former Goldman Sachs partner and White House official previously served on Meta’s board of directors
- Powell McCormick, who was born in Cairo and moved to the US as a child, joins the management team and will help guide overall strategy and execution
LONDON: Meta has appointed Egypt-born Dina Powell McCormick as its new president and vice chairman.
The company said on Monday that the former Goldman Sachs partner and White House official, who previously served on Meta’s board of directors, is stepping up into a senior leadership role as the company accelerates its push into artificial intelligence and global infrastructure.
Powell McCormick, who was born in Cairo and moved to the US as a young girl, will join the management team and help guide its overall strategy and execution. She will work closely with Meta’s Compute and infrastructure teams, the company said, overseeing multi-billion-dollar investments in data centers, energy systems and global connectivity, while building new strategic capital partnerships.
“Dina’s experience at the highest levels of global finance, combined with her deep relationships around the world, makes her uniquely suited to help Meta manage this next phase of growth as the company’s president and vice chairman,” Meta founder and CEO Mark Zuckerberg said.
Powell McCormick has more than 25 years of experience in finance, national security and economic development. She spent 16 years as a partner at Goldman Sachs in senior leadership roles, and served two US presidents, including stints as deputy national security adviser to Donald Trump, and a senior State Department official under George W. Bush.
Most recently, she was vice chair and president of global client services at merchant bank BDT & MSD Partners.
