Special report - (Namazone):

Several banks in the UAE and the Gulf region face great challenges, in light of their exposure to debts of the UAE-based NMC Healthcare Group, listed on the London Stock Exchange.

NMC Healthcare recently announced about $ 6.6 billion in debt, amid concerns that the group may be unable to repay loans as a result of faltering financial conditions.

NMC Healthcare, founded by Indian businessman PR Shetty in 1985, operates in 19 countries including Saudi Arabia.

The company, with an estimated market value of $ 2.4 billion, is facing lawsuits filed against it in English courts, due to its failure to pay debts.

NMC Healthcare, a global risk management firm, has been appointed to prepare a separate report on the company's debt, and the Group's past financial activities.

Emirates Exchange, owned by Indian businessman PR Shetty, suspended its operations after the UAE Central Bank opened an investigation into the company's operations.

The founder and former chairman of the group, BR Shetty, said that he is conducting special investigations about the information available to him, and that he will reveal the results of these investigations as soon as possible.

Shetty added that he is determined to show the whole truth about how things have turned out to all parties involved.

He continued: out of respect for legal and regulatory procedures, and to make way for investigations to proceed in a swift and independent manner, I have so far refrained from making media statements.

A British court decided to place the group under judicial supervision to protect the assets of the company, which is the largest provider of health services in the Middle East.

The Board of Directors of the Group clarified that some of the proceeds may have been used for non-affiliated purposes, and that work is underway to track these returns with a view to examining procedures that may be available to recover these funds.


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The new CEO of NMC Healthcare, Faisal Belhoul, revealed his strategy to achieve the company's financial and operational stability.

Belhoul confirmed the new management’s commitment to the company, its medical staff, patients, shareholders and lenders.

Belhoul stressed the importance of the company’s role in the health care sector, pointing out that enabling it to continue its operations is today a national priority in the midst of the efforts made by the state and the world to address the Covid epidemic-19 .

Belhoul said: I pledge to provide the work teams of ...