Abu Dhabi’s IHC takes 40% stake in UAE healthcare company RPM

Established in 2010, RPM is the UAE’s largest provider of on-site healthcare management, prehospital care (both offshore and onshore) medivac, medical care in events and medical emergency transfers from remote sites.

“IHC has a mission to transform healthcare and this acquisition expands our reach, scale and expertise to pursue our commitment on a truly regional and international level,” Syed Basar Shueb, CEO and managing director of IHC said.

RPM provides medical support for oil and gas sector, chemical industries, construction sites, site clinics and ambulance services.

In 2019, RPM established a presence in Saudi Arabia and Oman and has further strategic plans to expand across the GCC and Africa (Ghana and Nigeria) and India over the next five years.

RPM now operates more than 200 site clinics as well as the largest fleet of ambulances in UAE. RPM is a unit of VPS Healthcare Group of Companies.

IHC has become the United Arab Emirates’ second most-valuable listed company, and earlier in April it also bought a 45 percent stake in Alpha Dubai Holding.

Syed Basar Shueb, CEO and managing director of IHC

With the deal, IHC will become a shareholder in Aldar Properties PJSC as Alpha Dhabi acquired a 12.2 percent stake in the developer last month.

IHC last year purchased a 94 percent stake in Falcon CI IV LP, a private equity fund in the Cayman Islands that has invested in SpaceX, which is valued at around $74 billion.

In March, IHC reported a six-fold increase in its 2020 net profits to AED3 billion ($816.9 million), driven by a number of acquisitions as well as organic growth across its diversified portfolio.