Thumbay Group, a United Arab Emirates (UAE)-based global healthcare investor, has indicated interests in investing in the healthcare and health education sectors in deals that may run into billions of dollars, based on the group’s previous investments in other countries.
Thumbay Group is the owner of Gulf Medical University (GMU), Gulf Medical College (GMC) Hospital and Research Centre and many other modern satellite clinic and hospital in UAE. Altogether, the Thumbay Group’s facilities are reputed as provider of best medical services in UAE and beyond.
The GMU and GMC Hospitals have launched a massive global expansion programme. The maiden expansion project was consummated in April 2010 with the launch of GMC Hospital in Malawi. Plans to open GMU and GMC Hospitals in three other countries- Malaysia, South Africa and Mauritius, have reached final stages.
Founder and President, Thumbay Group, Thumbay Moideen, said the group sees opportunities for future investments in Nigeria, Egypt, Syria, Iran and India among other countries.
The group is giving priorities to the Nigerian project. It has already opened preliminary discussions with the Dubai, UAE-based Nigerian Trade Center (NTC), to facilitate the prospective investments.
Moideen said the group would be willing to invest in three key areas, including establishment of Thumbay University and Teaching Hospital in Nigeria, training of medical doctors and other health personnel and ancillary businesses in the areas of supply of medical and surgical equipment, pharmaceuticals, special woods and establishment of diagnostic centres in key commercial cities.
Moideen said the group would be willing to partner with the Federal Government, states and other Nigerian public and private commercial groups to realise the Nigerian projects adding that the Thumbay Group has the proven experience, resources and long-term commitment to position Nigeria as the hub of healthcare services in the Sub-Saharan Africa (SSA).
According to him, the establishment of Thumbay university and teaching hospital in Nigeria holds immense opportunities for Nigeria as it would halt medical tourism by Nigerians, enhance Nigeria’s foreign exchange status by saving forex expenses and enhancing forex incomes, create numerous jobs for experts and non-experts and enhance Nigeria’s profile as an international hub among others.
“We are sure our presence in Nigeria would bring a lot of prestige and multiple economic benefits. We want to be part of Nigeria’s emerging new future by supporting the laudable reforms being undertaken by the government with our investments. We are confident about the prospects of Nigeria in the comity of nations,” Moideen said.
Director, Nigerian Trade Centre (NTC), Dubai, UAE, Mr. Mohammed Baiwa, said the centre is making contacts with the authorities in Nigeria to foster the investment process.
He said the consummation of the Thumbay Group’s projects in Nigeria would open doors and hasten other ongoing investment talks between NTC and other UAE and Gulf investment groups.
He noted that the NTC has investment talks that could lead to investments of not less than $40 billion (about N12 trillion), in Nigeria within the medium terms, adding that the consummation of initial talks and investments would encourage other investors.
He said the preconditions that would bring the Thumbay Group to Nigeria are within the extant laws in Nigeria and urged the Federal Government and relevant agencies to support the investment aspiration of the group.
Baiwa pointed out that Nigeria needs both direct and indirect foreign investments and domestic investments to leapfrog its economic potential and diversify its revenue base, noting that the Thumbay Group’s investment talks couldn’t have come at a better time than now that Nigeria needs to conserve and diversify its forex resources.
He explained that the Trade Centre was opened and has been operational since 2005, adding that in 2012, it was approved by President Goodluck Jonathan as a centre for regional trade hub under the Ministry of Trade and Investment.
The main commitments that the Thumbay Group are requesting from the government include at least 200 acres of land not too far away from a city centre, preferably but not exclusive to Abuja and Lagos; direct and full ownership by Thumbay Group as a foreign direct investor and privileges attached to such status, agreement with other large government hospitals in Lagos, Abuja and others for clinical training of GMU students and approvals of the projects by relevant ministries, parastatals and agencies.
Other preconditions are usually associated with foreign direct investment (FDI), including tax incentives and concessions, full repatriation of investments and profit, granting of expatriate quota and access to public utilities, such as electricity and security among others.