Press Release

April 07, 2011

GE Healthcare and Gulf Capital join hands to create MENA region’s largest chain of medical diagnostic and healthcare service centers

GE Healthcare, the healthcare business subsidiary of General Electric Company (GE), has signed a strategic alliance agreement with Gulf Capital, one of the largest private equity firms in the Gulf, to develop the largest regional chain of medical diagnostic and healthcare service centers. GE Healthcare will offer strategic support to Gulf Capital’s healthcare portfolio company investments, and the two companies will collaborate closely to roll out and grow these investments into regional platforms offering world class services.

The partnership will focus on a two-pronged approach of acquiring existing companies as well as launching greenfield operations with extended services including medical imaging, laboratory services, physiotherapy, dialysis services and oncology. The agreement provides Gulf Capital with access to the full range of GE Healthcare’s international commercial offerings, solutions and services.

The strategic alliance will focus on the delivery of world-class health care services in Egypt and Saudi Arabia, two of the most populous countries in the MENA region, followed by an expansion at a later stage in other high growth markets.

Both parties will have access to and work closely with GE Capital Markets Corporate (CMC), an affiliate of GE Healthcare, to gain access to a wide range of financing solutions including equipment financing and financial advisory services. Gulf Capital will also have access to GE Healthcare’s global network of strategic and financial partners.

Commenting on the strategic alliance, Dr. Karim El Solh, Chief Executive Officer of Gulf Capital said: “We are pleased to partner with GE Healthcare on the launch of such an exciting regional platform in the growing healthcare market in the MENA region. GE Healthcare brings deep industry expertise and a wide range of medical technologies and services and represents an ideal partner. Gulf Capital and GE Healthcare share the same “healthymagination” vision of improving the quality and delivery of healthcare services across the MENA region.”

Aziz Koleilat, General Manager of GE Healthcare for the Middle East region, said: “GE Healthcare is pleased to enter into a strategic partnership with Gulf Capital, one of the most dynamic and active private equity firms in the Middle East. This strategic alliance agreement is a perfect complement to GE’s healthymagination initiative in the region. Creating a network of medical diagnostic and healthcare service centers across the region will serve as a key milestone in achieving our goal of earlier diagnosis through the use of innovative technologies, products and services,” explained Koleilat. “The collaboration with Gulf Capital will help create a robust model for the delivery of healthcare services in the region, with GE Healthcare providing access to the latest in diagnostic, interventional and healthcare information technologies.”

Through the strategic alliance, Gulf Capital will also have access to the full range of GE’s global business practices and the GE toolkit of best practices through informal sharing or through programs to be developed jointly. Advanced diagnostic services are of critical importance to the Middle East region, which has increasing incidence of lifestyle diseases such as diabetes, heart conditions and obesity-related problems. Earlier diagnosis helps to address these problems effectively and also help manage the rising healthcare bills, expected to grow fivefold to US$60 billion by 2025.