Mubadala Development and Cleveland Clinic sign landmark agreement

    ABU DHABI, United Arab Emirates, Sept. 13 /PRNewswire/ -- Cleveland
 Clinic (USA) and Mubadala Development (Abu Dhabi) today signed an agreement
 to establish a preeminent world-class hospital in Abu Dhabi to be known as
 Cleveland Clinic Abu Dhabi. This initiative is set to create a new
 benchmark for the development and promotion of healthcare services in the
 Middle East.
     Under the terms of the 15-year agreement, Cleveland Clinic will
 establish, develop and operate a world class specialty hospital and clinic
 in Abu Dhabi, United Arab Emirates (UAE), using the Cleveland Clinic
 systems, procedures, guidelines and standards. The hospital will
 incorporate Cleveland Clinic's medical group model, providing a spectrum of
 specialty services that will be planned and developed based on the results
 of a comprehensive health economic impact study. The result of the
 agreement will therefore be an extension of Cleveland Clinic's model of
 medicine and clinical capabilities in Abu Dhabi.
     The agreement between the two parties was signed at the Emirates Palace
 in Abu Dhabi, in the presence of His Highness General Sheikh Mohammed Bin
 Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi
 Executive Council. The two signatories were H.E. Khaldoon Khalifa Al
 Mubarak, CEO and Managing Director of Mubadala Development and Dr. Delos M.
 "Toby" Cosgrove, M.D., Chief Executive Officer of Cleveland Clinic. The
 signing took place after a briefing on the new agreement and the initiative
 to senior government officials.
     The site of the new hospital will be on Al Suwwa Island, located close
 to the Mina Zayed Port, and across from Abu Dhabi Mall. It is scheduled to
 be operational in three years.
     Speaking following the briefing, His Highness Sheikh Mohammed said:
 "Attracting the world's best healthcare institutions and professionals to
 Abu Dhabi is a key component of the government's health policy. This
 agreement represents another step in the realization of His Highness Sheikh
 Khalifa Bin Zayed Al Nahyan, President of the UAE's vision to provide the
 people of the UAE with the best healthcare facilities in the world."
     Present at the briefing were representatives of the board of Cleveland
 Clinic together with senior representatives of the hospital's medical staff
 and administration. The briefing was attended by Federal Ministers, members
 of Abu Dhabi's Executive Council, senior representatives of the General
 Authority for Health Services and senior representatives of the Abu Dhabi
 private healthcare sector.
     "We are thrilled to be partnering with Mubadala Development and Abu
 Dhabi to advance the delivery of health care to the citizens in the
 region," said Dr. Cosgrove. "The Cleveland Clinic has a longstanding
 history of excellence in clinical care, research, and education. We are
 truly proud to be a part of this unique and exciting opportunity and to
 continue our longstanding relationship in the Middle East."
     H.E. Khaldoon Al Mubarak stated that "this is the first deal of its
 kind, and as such it creates a sustainable benchmark, that not only fast
 tracks healthcare for the people of Abu Dhabi and the UAE, but also for the
 region as a whole. Cleveland Clinic's involvement in this venture ensures
 the ongoing provision of quality healthcare services, cutting edge
 technology and continuous medical education."
     An extensive health economic impact study is currently under way, that
 will determine the exact national and regional requirements for the
 Cleveland Clinic Abu Dhabi. Government representatives were informed that
 when complete (Early 2007) the study will identify the specialties,
 associated facilities and capacities that the hospital will include.
     About Cleveland Clinic
     Cleveland Clinic, located in Cleveland, Ohio, is a not-for-profit
 multispecialty academic medical center that integrates clinical and
 hospital care with research and education. Cleveland Clinic was founded in
 1921 by four renowned physicians with a vision of providing outstanding
 patient care based upon the principles of cooperation, compassion and
 innovation. U.S. News & World Report consistently names Cleveland Clinic as
 one of the nation's best hospitals in its annual "America's Best Hospitals"
 survey. Approximately 1,800 full-time salaried physicians at Cleveland
 Clinic and Cleveland Clinic Florida represent more than 100 medical
 specialties and subspecialties. In 2005, there were 2.9 million outpatient
 visits to Cleveland Clinic. Patients came for treatment from every state
 and from more than 80 countries. There were nearly 54,000 hospital
 admissions to Cleveland Clinic in 2005. Cleveland Clinic's Web site address
 is http://www.clevelandclinic.org.
     About Mubadala Development
     Mubadala Development is a Public Joint Stock company, established and
 wholly owned by the Government of the Emirate Abu Dhabi. Its mission is to
 invest in commercially-viable, strategic, industrial and commercial
 partnerships.
     The company manages a diversified portfolio of local, regional, and
 international investments. International investments include the Dutch
 fleet management giant LeasePlan Corporation (25% stake), and a stake in
 nine oil exploration blocks in Libya. Stakes are also held in the Italian
 luxury car manufacturer Ferrari (5%) and Piaggio Aero Industries (35%).
     In the United Arab Emirates and wider Gulf region, Mubadala Development
 has invested in, and developed, a number of leading projects including the
 first GCC cross-border natural gas project, Dolphin Energy (51% majority
 stake), Aldar Properties, National Central Cooling Company, Abu Dhabi Ship
 Building, Imperial College London Diabetes Center in Abu Dhabi, Injazat
 Data Systems, and the Mukhaizna Oil Field developments in Oman.
     Mubadala Development signed a joint development agreement with Dubai
 Aluminum Company (DUBAL) to develop, construct, own and operate a
 USD6-billion world class green-field aluminium smelter complex with
 1.2-million tone capacity a year at the Khalifa Port and Industrial Zone in
 Abu Dhabi.
     Mubadala Development is also leading the development of the UAE
 University's new campus in Al Ain City through a public-private partnership
 initiative.
     Mubadala Development also prides itself on the creation of numerous
 strategic alliances and associated projects. Current alliance partners
 include Dubai Aluminum Company (DUBAL), Rolls-Royce, and Shell.
     http://www.clevelandclinic.org
     http://www.mubadala.ae
 
 

SOURCE Cleveland Clinic