PineBridge Investments, a New York asset manager, has acquired half of the Turkish physical therapy and rehabilitation firm Romatem, and plans to open branches in the UAE.
“The plan is to expand the chain across Turkey and bring it to the Gulf countries,” Talal Al Zain, the chief executive of PineBridge, told Reuters.
PineBridge described the expansion as “at an early stage”.
“There is a clear opportunity to expand the Romatem business [in the UAE] to meet the growing demand for specialised services,” said Wael Aburida, the chief investment officer at PineBridge Middle East. “The UAE is looking to become a key hub for medical tourism in the region.”
The company will be evaluating several locations in the country, alongside sites in Saudi Arabia.
Romatem, which currently has four branches in Turkey, provides a range of physiotherapeutic treatments, including vacuum therapy for lymphedema, and robotic rehabilitation treatment for upper extremity disorders.
“There is a current unmet demand for rehabilitation and physiotherapy services in the UAE,” Mr Aburida said. “Romatem would be well positioned to offer these specialised healthcare services to meet the needs across the country and for medical tourists coming to Dubai.”
This follows the expansion of the Abu Dhabi investment firm Waha Capital to expand into the healthcare business, with its purchase of the medical operator Anglo-Arabian Healthcare last year, alongside a bullish prognosis for the industry.
The introduction of mandatory health insurance in Dubai and a push towards medical tourism in the emirate are likely to create new business opportunities in the city, which recently announced that it is looking to attract 500,000 medical tourists a year by 2020.
“The decision by the emirate of Dubai to require universal healthcare will be beneficial,” Mr Aburida said.
abouyamourn@thenational.ae
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Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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Creator: Jenna Lamia
Rating: 3/5
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Director: Goran Hugo Olsson
Rating: 5/5
Royal wedding inspired menu
Ginger, citrus and orange blossom iced tea
Avocado ranch dip with crudites
Cucumber, smoked salmon and cream cheese mini club sandwiches
Elderflower and lemon syllabub meringue
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
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Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
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Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
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Jemma Eley – goal attack / wing attack (Dubai College)
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Molly Fuller – goal attack / wing attack (Dubai College)
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Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
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