Statement from Faisal Belhoul, Chairman of Ithmar Capital Partners


“On 8th April, 2020, in the role of Executive Chairman, I and the then board agreed to the NMC Health plc entering administration. Although putting a company under administration has many downsides, this was the only possible scenario given the circumstances, especially considering the fact that ADCB was willing to rescue the company as a going concern, rather than initiating liquidation procedures. 

“As the Chairman of Ithmar Capital, which owns a nine per cent stake in NMC, my primary goal was always to bring operational and financial stability to the company and ensure the continuity of healthcare provision in the UAE, which has never been more critical as we manage the COVID-19 pandemic. 

“In my previous role as Executive Chairman of NMC, my objective was to ensure that the administration process commenced without resorting to legal battles, which would have been detrimental to all parties – the company, the thousands of healthcare professional it employs and the patients they treat, and ultimately the wider healthcare sector and the UAE. 

“The former board has now safely handed over the company to the administrator, whom I urge to act swiftly, equitably and in the best interests of all parties. I remain at the disposal of the company, not only as a shareholder but rather as a professional with healthcare sector experience acting in what I see a national duty at this time when the UAE is making every effort to control the spread of the COVID-19 pandemic.

“I also reiterate that it remains crucial that the investigation into any and all prior wrongdoings at the company is fully supported and pursued with the relevant authorities, and that all involved parties are held accountable from within or outside the company. I will do all in my power to support this process, working with the administration team and other partners.”