Meeting high international standards and the demands of an ageing population are among the challenges the UAE faces if it is to become a global healthcare hub, according to a new report released by JLL at Cityscape Global in Dubai today.
The report, called ‘Healthy Returns’, highlights opportunities for investors and other real estate players in the healthcare market across MENA over the next five years as the region responds to an ageing population and increased demands for hospitals and other healthcare facilities.
“The main challenge to the healthcare sector in the UAE is meeting the high standards required to become an international healthcare hub,” said Craig Plumb, Head of research, MENA, JLL. “To meet those goals, a suitable education and training strategy needs to be implemented. Meeting the needs of a growing, ageing population, which will add to increasing costs, will also provide challenges.”
Medical tourism
Dubai is investing heavily in the infrastructure needed to host multiple healthcare institutions, most notably through the Dubai Healthcare City, a healthcare free zone offering benefits to both local and international operators. The Dubai Health Authority (DHA) is also ensuring the city has the medical infrastructure required to attract foreign patients.
“The government of Dubai has reinforced its support for the healthcare sector with the creation of Dubai Healthcare City,” said Mr. Plumb. The aim is to attract private investment and promote the city as a healthcare destination, welcoming 500,000 medical tourists by 2020.”
Abu Dhabi has placed healthcare amongst its nine pillars in its 2030 Economic Vision, providing numerous opportunities for investors to build new facilities and upgrade existing ones. Opportunities also exist in the provision of services and medical equipment. With an open approach to foreign labour, investment in medical education may also provide opportunities for investors, says the JLL report.
Investor opportunities
The UAE has a reputation for transparency and an investor friendly environment, which has long attracted private finance. The reputation has attracted a growing number of overseas healthcare providers to the country, including the Cleveland Clinic in Abu Dhabi and the Moorefield’s Eye Hospital in Dubai.
