Burjeel Holdings PLC, an ADX-listed super-specialty healthcare services provider, on Monday announced the signing of a joint venture framework agreement to create a joint venture, Al Kalma, with Keralty S.A.S, a multinational health organization based in Colombia.
The agreement was signed in Cartagena de Indias, Colombia. The alliance aims to enhance well-being throughout the value chain by promoting access to high-quality healthcare at an affordable cost.
Al Kalma, a name that signifies ‘united for health and well-being’, will consolidate a unique value-based healthcare model with specialized primary care centers, health risk management, and a new range of integrated mental health services, expecting to reach nearly 30 million patients over the next decade.
The joint venture partnership will be operated through a newly formed holding company established in the Abu Dhabi Global Market jurisdiction. Burjeel Holdings and Keralty will each hold an equal 50% shareholding.
The strategic partnership combines the experience and knowledge of both groups for a rapid roll-out in the Middle East, with the potential to extend subsequently into North Africa. The joint venture will debut in Saudi Arabia, leveraging the shift in the Saudi healthcare market towards a primary healthcare model. The collaboration aims to extend services beyond the region by evaluating each market and executing the strategy on a country-by-country basis.
Keralty, with a track record of nearly five decades and operations in nine countries, including the US and Colombia, enters into this joint venture by leveraging the success of its healthcare model based on the prevention, detection, and management of health risks, as well as the control and care of diseases and dependency. Burjeel Holdings, with a strong presence in the Middle East, offers the highest standards of care through an integrated network of hospitals, medical centers, and pharmacies, focusing on highly complex and specialized services.
The partnership announcement ceremony was attended by Mohammed Abdullah bin Khater Al Shamsi, ambassador of the UAE to Colombia, Dr Shamsheer Vayalil, Founder and Chairman of Burjeel Holdings, John Sunil, CEO of Burjeel Holdings, along with Joseba Grajales, President of Keralty and Emilio Herrera, CHO of Keralty.
Grajales said: “We are delighted to partner with Burjeel Holdings to extend our distinctive healthcare model to new regions. This model, successfully scaled from Colombia to numerous countries, is continuously enriched by our collective experiences. We provide valuable feedback across all our activities, achieving outstanding results in enhancing the health and well-being of millions who trust us. This success stems from our deep understanding of their health, social, and community needs.”
Vayalil commented: “This partnership marks a significant milestone for us as we strive to provide better health for a diverse range of populations. Our unique model envisions comprehensive well-being, from prevention to control and care of disease in order to enhance services and patient outcomes on a local, personalized level. This approach will keep people healthier and out of hospitals, leading to a substantial shift in healthcare delivery.”