Project Details
Project Status
Completed Tasks:
over 2 years of concept set up work by the Promoter and achievement of approvals is completed.
The acquisition of the land was approved by Abu Dhabi authorities beginning of September 2009
- Approval from the Executive Council, Emirate of Abu Dhabi to establish the project:
achieved
- Acquisition of land (100% ownership grant): achieved
- Approval of Abu Dhabi municipality, Urban Planning Council, Civil Defence Abu Dhabi
Health Authority on the project: concept design, Architectural Plans, Architectural
Schematic Design building facilities: achieved
- Approval from Ministry of Health on the required services: achieved
- Future Tasks
- Provide Finance
- Structural Detailed Design, Building Permit & Tendering (3 months)
- Start construction
Future Tasks:
- Provide Finance
- Structural Detailed Design, Building Permit & Tendering (3 months)
- Start construction
Buildings Summary
- Land: 11,153 sq.mt.
- 4 Blocks G+3 Buildings
- Rehab Building 8,140 sq. mt.
- Staff Block 1 3,210 sq .mt.
- Staff Block 2 3,210 sq. mt.
- Office Building 1,246 sq. mt.
Key Considerations – 1: Land
Ownership legal structure
Currently the land is 100% ownership grant in the name of the promoter. We have asked for a legal opinion on the future ownership structure and received the following confirmation from the Director General in Ministry of Justice:
The Hospital JV can enter into a long term lease investment agreement (99 years). This agreement will guarantee the right of the JV partners and at the same time the project will still receive the benefits and the support from the government as the promoter is an Abu Dhabi UAE national.
Key Considerations – 2: Secure Revenue
Secure Revenue model
The project will focus on the UAE national and the revenue will be generated from the main provider of health care services in Abu Dhabi and Al Ain such as government hospital both military and civilian.
Agreement with the major health insurance company in Abu Dhabi such as Daman (Thiqa) provide unlimited coverage for locals
Current status for Armed Forces long term patients in Abu Dhabi
Rehab & Care Centres in the UAE that are nursing only Armed Forces Home patients
| |
Center Name |
Location |
Number of Patients |
| 1 |
Belhoul European Hospital |
Dubai |
88 |
| 2 |
Pro Care Center |
Dubai |
44 |
| 3 |
Emirate French Hospital |
Abu Dhabi |
25 |
| 4 |
Rochester Wellenss Center |
Dubai |
31 |
| 5 |
Twili Center |
Al Ain |
8 |
| |
Total |
|
196 |
Potential Upsides
- Home visit nursing demand far outstrips our estimates. Capacity could be increased as
the project facilities will provide support for the expansion,
- In patient rehab Revenue projection were conservative. Also expansion (adding one more
72 bed nursing facilities or 40 bed full hospital facilities) will add significant income.
- Staff accommodation provide a lot of future saving for the project & allow for expansion.
- Exit can be achieved by selling shares to hospitals & other health provider such as SEHA
& Al Mafraq hospital
Going Forward
Next Steps
- Signing a NDA with potential investor
- Discuss the feasibility study (technical, financial & legal)
- Agree with the partners on the Joint Venture structure, financials & legal issues
- We recommend the German lawyer, Dr. Azhari, (expert in tax and investment
consultancy) with offices in Dubai for all contractual issues to assure al secure and save
investment. (00971 4 234 12 07) ceo@azhari-law.com
- Provide finance
- Construction
- Expected completion date spring 1011
Please contact GS Property Developer LLC, Mr Alex S. von Ary (M.Eng.) CEO, for more information: Tel: 00971 674 121 54. www.GulfStarProperty.com
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