Initial investments into the project worth AED 6.6 billion
March 24, 2022 – Dubai, UAE: An agreement was signed to establish a joint venture between Royal Strategic Partners (RSP) in Abu Dhabi with the MIG group based in Dubai and the Austrian Star Energy (SE) company to build a Neutron Therapy Hospital in addition to a Medical University and a Convention Center with the initial investments into the project of AED 6.6 billion (US$1.8 billion).
The Chairman of MIG Group, Mr. Mahmood Al Redha, stated that the joint venture with our Austrian partners will allow the UAE companies to build state-of-the-art medical facilities, which consist of a University Hospital for neutron cancer treatment and a Medical University that will be the main hub and headquarters for research and development of the latest technologies to treat advanced cancer in the GCC region. Mr. Mahmood Al Redha added, “We are planning to implement the construction of the entire advanced Cancer Treatment Center project, which will be considered a large domestic scientific research center based on the Hospital, University, and Convention Center”.
The project will be implemented in two phases. The first phase is the implementation of a pilot project in Abu Dhabi for the Hospital, the Medical University, and the Convention Center, and the second phase will be the expansion of the project in areas facing a deficit in the production of electricity and thermal energy and a shortage of fresh water, or to use it as an alternative to power generation instead of expensive diesel or other expensive energy sources.
Dr. Hamad Al Ali, CEO of Royal Strategic Partners (RSP), said, “The initial investment of AED 6.6 billion (US$1.8 billion) fits perfectly with the strategy and vision to create and develop leading technology products and build a sustainable energy ecosystem. Dr. Hamad Al Ali added: “We envision that our experience will help to make a positive technological revolution within the UAE and the GCC region.”
The CEO of Star Energy (SE), Joseph Lokumovićh, said: “The partnership with the UAE government brings unique value and capabilities, and will contribute to accelerating the development and growth of the energy and medical sector in the UAE, and the entire GCC region, and establish a substantial presence on the global markets. He added, “We believe that we can be the catalyst for the growth of the entire sector, and investors will have a unique opportunity to participate in the construction and operation of the Neutron Therapy Hospital and the Medical University project.”