Aster DM Healthcare Announces 100 percent Legal Ownership of its Business in Dubai
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Date: 14-02-2020 3:52PM
Source: Aster DM Healthcare
Category: General, Govt. & Public Policy, Financial Analyst & Investors, Healthcare & Biotechnology, Accounting And Management, Business Services
Location: Dubai, United Arab Emirates
Business Wire India - The Group received approval of the Dubai Authorities to hold 100% legal ownership in Dubai as compared to the previous 49%
- Nearly 80% of the Group’s revenue comes from the GCC market
The global healthcare service provider Aster DM Healthcare announced that the UAE government has allowed 100% legal ownership of its business in Dubai. Earlier, as per UAE law requirements, nationals of the UAE were required to be the legal/registered owners of the UAE companies and the foreign investors were allowed to hold upto 49%. With the recent development, the Government of UAE granted approval of 100% ownership to foreign companies in approved sectors. Subsequently, the Government of UAE released the list of sectors which could hold 100% foreign ownership, in which the Healthcare sector was also included.
The completion of transfer of 100% legal ownership of the subsidiaries in the Emirates of Dubai is expected to conclude by the end of current financial year.
Sharing his views on the development, Founder Chairman and Managing Director of Aster DM Healthcare, Dr. Azad Moopen said, “Dubai is a significant market for us as it contributes almost 80% to our GCC business. I thank and appreciate the Visionary Rulers of UAE for this forward-looking change in law which will give impetus for more investments into the country.”
Aster DM Healthcare
Aster DM Healthcare Limited is one of the largest private healthcare service providers operating in multiple GCC states and is an emerging healthcare player in India. With an inherent emphasis on clinical excellence, we are one of the few entities in the world with a strong presence across primary, secondary, tertiary and quaternary healthcare through our hospitals, and clinics. We have over 20,000 plus dedicated employees across the geographies that we are present in, delivering a simple yet strong promise to our different stakeholders: “We’ll treat you well.” We reach out to all economic segments in the GCC states through our differentiated healthcare services across the “Aster”, “Medcare” and “Access” brands.
For more information about us, please visit www.asterdmhealthcare.com.
DISCLAIMER:
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Aster DM Healthcare will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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