EuroMena gets majority of Egyptian eye hospital

Fund to pursue the chain's local and regional expansion plan

Beirut-based EuroMena II, a private equity fund dedicated to the Middle East, has acquired 51 percent of ‘Al Oyoun al Dawli Hospital’, a leading medical center for eye surgery and treatment in Egypt.

Romen Mathieu, Managing Director of EuroMena II said that negotiations to conclude this investment were ongoing even during Egypt’s most difficult days. He said that the fund’s investment in Al Oyoun Al Dawli Hospitals is the first investment in the healthcare sector in Egypt since the January 25 revolution.

The EuroMena II fund is a member of Capital Trust Group. The $100 million-fund is the ninth fund raised by the Capital Trust Group. The group includes Lebanese investors, as well as investors from Saudi Arabia, Kuwait, Qatar, UAE, Jordan, and Egypt.

Wassim Heneine, Senior Investment Manager of EuroMena II said that Al Oyoun Al Dawli’s brand equity, wide network of hospitals, high quality doctors and staff, as well as its latest medical technology have all encouraged the fund managers to carry out this investment. “This hospital is one of the largest eye surgery and treatment hospitals and clinics in Egypt in terms of operations performed, number of operating theatres, and clinics all gathered under a single brand-name,” he said.

Euromena II plans to expand the hospital to several Arab countries. The group plans to establish four new branches within Egypt. Al Oyoun Al Dawli started operations in 1999. It currently runs five branches across Egypt.