iGan Partners, a Canadian healthcare technology investor, has joined forces with Dubai-based entrepreneur Faisal Belhoul to launch a $250 million fund to drive innovation.
The iGan Arabia regional fund will focus on driving medical technology (MedTech) innovation across the Middle East and North Africa (MENA) region.
iGan Arabia said it will focus on investing in AI/cloud-enhanced medical devices and digital health technologies that will improve patient outcomes and reduce the cost of healthcare.
The fund targets $250 million through limited partnerships with an additional $250 million in co-investments.
The first four initial investments have been identified to drive breakthrough MedTech in the region.
These are Exact Imaging, the world’s first micro-ultrasound for unmatched resolution of prostate cancer; Okadoc, the region’s most advanced digital patient management solution; eSight Corporation, wearable electronic vision devices for legally blind people challenged by various eye diseases; and MolecuLight, the world’s first handheld imaging device that enables clinicians to visualise bacteria in real-time for advanced wound care.
All these companies already have regulatory approval and are scaling world-wide, a statement said.
Jean-Philippe Linteau, Consul General of Canada in Dubai and the Northern Emirates, said: “I am pleased to see Canadian and UAE health innovation leaders partner together to create iGan Arabia. The UAE has proven to be an early adopter of innovation. This new partnership will help our healthcare technology companies grow and succeed globally.”
Healthcare spending in the region, particularly in the GCC states, is projected to grow to $89 billion in 2022, according to a report by KPMG.
Sam Ifergan, founder and CEO, iGan Partners, said: “We see the GCC as a rapidly transformative region, particularly in the healthcare sector. We have identified and uncovered several innovative opportunities across Digital Health, Connected Medical Devices, Healthcare IT and Artificial Intelligence.
“These are sectors that iGan brings a lot of expertise and we understand what it takes for companies to scale and succeed. Through this first of its kind fund, we will invest locally and will showcase the GCC’s healthcare innovations to the world.
“We are looking forward to working with local investors, healthcare groups and government agencies in establishing the UAE as a leading healthcare innovation hub.”
Belhoul, co-chairman, iGan Arabia, added: “Over the years, my focus has been on investing in education and healthcare, two core sectors that are at the heart of the region’s transformation.
“Through iGan Arabia we aim to invest in start-ups and other healthcare companies, especially in the GCC, and help them evolve as the best-in-class. We will support not only their operations in the region but also help scale up their operations to key markets in North America, Europe, and LATAM. iGan Arabia will help establish GCC as a world-class MedTech hub that will create thousands of new jobs and add value to the economy.”
Belhoul is a founder of Ithmar Capital, a private equity firm in the GCC, founder of Amanat Holdings, one of the GCC’s largest integrated healthcare and education listed investment companies and vice chairman of the Dubai Chambers.
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