EuroMena II Acquires Stake in Egypt Hospital Group

Lebanon-based equity fund EuroMena II said Tuesday it had acquired a 51-percent share in an Egyptian eye-surgery hospital group.

A statement issued by the fund added that the investment made in the “Al-Oyoun Al-Dawali Hospital” was the first in Egypt’s health care sector since the Egyptian revolution last January which ousted longtime strongman Hosni Mubarak.

According to EuroMena, the investment is aimed at expanding the health care group into various MENA countries.

“We will build, together with the founders, doctors and staff, on the existing accomplishments and great track record to expand to neighboring countries,” said Wassim Heneine, the senior investment manager at EuroMena II.

Beshr Kenawy, chairman of Al-Oyoun Al-Dawali, said that the expansion plan would also include opening several hospitals in Egypt, as The Daily star stated.

EuroMena II is a $100 million fund, which over the past year three has made investments in Lebanon and the region.

To be mentioned that in October 2011 EuroMena invested $13.5 million in the Lebanese electronics and appliances distributor Khoury Home.