Faisal Belhoul joins forces with iGan Partners to launch US$250 million iGan Arabia fund to drive MedTech innovation in MENA
DUBAI, United Arab Emirates and TORONTO, Feb. 7, 2022 /PRNewswire/ -- iGan Partners, Canada's leading healthcare technology investors, has joined forces with Faisal Belhoul, a Dubai-based investments professional and entrepreneur, to launch a US$250M iGan Arabia regional fund to drive MedTech innovation across the Middle East and North Africa region.
iGan Arabia will focus on investing in AI/Cloud-enhanced medical devices and digital health technologies that improve patient outcomes and reduce healthcare cost. The fund targets US$250M through limited partnerships with an additional US$250M in co-investments.
The first four investments have been identified to drive breakthrough MedTech in the region. These are Exact Imaging, the world's first micro-ultrasound for unmatched resolution of prostate cancer; Okadoc, the region's most advanced digital patient management solution; eSight Corporation, wearable electronic vision devices for legally blind people challenged by eye diseases; and MolecuLight, the world's first handheld imaging device enabling clinicians to visualize bacteria in real-time for advanced wound care. All these already have regulatory approval and are scaling world-wide.
H.E. Jean-Philippe Linteau, Consul General of Canada in Dubai and the Northern Emirates, commented: "I am pleased to see Canadian and UAE health innovation leaders partner together to create iGan Arabia. The UAE has proven to be an early adopter of innovation. This new partnership will help our healthcare technology companies grow and succeed globally."
Sam Ifergan, Founder & CEO, iGan Partners, said: "We see the GCC as a transformative healthcare region. We have identified and uncovered several innovative opportunities across Digital Health, Connected Medical Devices, Healthcare IT and Artificial Intelligence. These are sectors that iGan brings a lot of expertise and we understand what it takes for companies to scale and succeed. Through this first of its kind Fund, we will invest locally and will showcase the GCC's healthcare innovations to the world."
Faisal Belhoul, Co-Chairman, iGan Arabia, added: "Through iGan Arabia we aim to invest in start-ups and other healthcare companies, especially in the GCC, and help them evolve as the best-in-class. We will support not only their operations in the region but also help scale up their operations to key markets in North America, Europe, and LATAM. iGan Arabia will help establish GCC as a world-class MedTech hub that will create thousands of new jobs and add value to the economy."
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