CAIRO: Al-Borg, which was established in Egypt and is now the leading medical diagnostics business in the Middle East, has acquired a majority stake in Biolab (Al-Makhbariyoun Al-Arab), the Jordan-based lab group.
The latest acquisition comes as part of Al-Borg’s strategy to expand its geographical footprint further into Middle Eastern markets, Al Borg said in a statement.
Sherif Shaheen, CEO of Al-Borg, said that the new expansion is not just a business transaction, but a step forward in exchanging and transferring medical knowledge.
“There are significant synergies to be extracted by the combined entity on the procurement and back-office functions, and a wealth of knowledge and experience lying within it,” he said in the statement. “We will work closely with our colleagues in Jordan to realize these synergies and transfer this knowledge for the benefit of all stakeholders.”
By combining Biolab’s experience in various types of testing and Al-Borg’s wide presence in the region, Shaheen is looking forward to the work the Jordan team will introduce to Egypt.
“With Biolab’s expertise in the Molecular and Cytogenetic testing and Al-Borg’s scale of operations, the Group will be able to offer a wider range of congenital and inherited cancer syndromes and immune disorders testing that were historically sent to Europe. We are looking forward to export Dr. Amid and his team’s unique expertise to our operations in Cairo”.
Amid Abdel-Nour is Biolab founder and managing director.
“This partnership will help us quickly scale up our operations and expand our branch network across Jordan and the Levant region,” Abdel Nour said in the statement.
“We will benefit from Al-Borg’s track record and know-how in running large lab chains spread across remote areas in addition to its financial support and institutional backing,” he added.
The partnership represents the company’s fourth acquisition since Abraaj Capital, the Dubai-based private-equity firm, acquired 90 percent of Al-Borg in 2008.
In May, Al-Borg announced that the company plans to expand their services in the Middle East and North Africa (MENA) region, specifically in Egypt.
The company even had major expansion plans in Libya, but were put on hold due to the country’s recent political turmoil in the aftermath of Egypt’s 18-day revolt that forced Hosni Mubarak out of power on Feb. 11.
“We are studying the situation to expand to other places, from Jordan to the Gulf as well as to Morocco and Algeria,” Hisham Moussa, Al-Borg business development manager, told Daily News Egypt.
“We’ve allocated LE 100 million for these enhancements and expansions.”
Currently the biggest private medical lab group in the Middle East with 1,400 employees in over 100 branches across Egypt, Al-Borg was established in 1991.
In Jordan, Biolab currently offers prostate cancer antigen gene (PCA3) testing, AmnioPCR, Y chromosome microdeletions tests, and Anti Mullerian hormone testing, a new market for ovarian reserve along with several other tests.
