Dubai’s Amanat eying up $272 million of investments in Middle East

Web Desk BOL News

28th Sep, 2021. 12:16 pm

RIYADH: Dubai-based Investment firm Amanat Holdings can call on a billion dirhams warchest to fund new acquisitions across the Middle East, Arab News quoted its chief executive, as saying.

Speaking on CNBC Arabia, Mohamad Hamade said his firm will target investments in Saudi Arabia, the UAE and Egypt as he claimed Amanat’s investment portfolio delivered achieved returns of 235 million dirhams in the first half of the year, representing about 10 per cent of the value of the portfolio.

“Currently, the liquidity has reached more than 700 million dirhams as cash for investment, but we can increase this amount to one billion or more if we borrow from the banks,” Hamade said.

On Sunday, Amanat completed the sale of its minority 13.13 per cent share in Jeddah Hospital International Medical Center for SR443 million ($118 million).

The divestment resulted in a cash return of 100 million dirhams, and is expected to report a gain of 40 million dirhams, Amanat said in a statement.

Amanat Holdings acquired Cambridge Medical and Rehabilitation Center, a local rehabilitation firm for an enterprise value of $232 million, Bloomberg reported last February.

The Cambridge acquisition deal amounted to 850 million dirhams and was half financed by banks, Hamade said.

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