YK Almoayyed, Manipal Group form new venture
Manama, October 12, 2007
Bahrain's YK Almoayyed and Sons has formed a joint venture company with Bangalore-based Manipal Group.
The new company, Innovative Facility Management (iFM), aims to offer value addition to corporate businesses housed in modern structures and to healthcare facilities in the Middle East.
The agreement for the joint venture was signed by YK Almoayyed chairman Farouk Almoayyed at the Manipal Group headquarters in Bangalore.
"Manipal Group has six medical colleges/hospitals spread in India, Dubai, Malaysia, Nepal, Sikkim and Antigua," Almoayyed said.
"The joint venture with Manipal Group is an added advantage to YK Almoayyed & Sons which is spearheading medical technology growth in Bahrain and in the Arabian Gulf."
"The business activities and health tourism has grown multifold in Bahrain and Dubai and this gives iFM the right niche. iFM has technical and commercial viability to offer the best at the least cost to corporate hospitals and real estate property businesses."
iFM has opened a service office in Dubai in addition to its existing office at Farouk Gardens, Bahrain.
The new company is to be headed by Nazir Ahad, a specialist in environmental engineering with exceptional experience in healthcare facility management. Dr Nazir is presently heading the medical technologies division of YK Almoayyed and Sons. -TradeArabia News Service