Decades of conflict, including the 2003 US invasion, compounded by the challenges brought on by the Covid-19 pandemic, have placed Iraq’s healthcare sector under significant strain.
In a significant development, Qatar-based Estithmar Holding has announced the establishment of its subsidiary, Elegancia Healthcare, in Iraq. This move follows the recent signing of memoranda of understanding between Doha and Baghdad, marking a crucial step towards addressing Iraq’s healthcare needs.
The newly formed subsidiary, named ‘Elegancia Healthcare W.L.L.’, has set up a branch in Iraq in accordance with the recently signed memorandum. This strategic move aims to manage and operate multiple hospitals in the country, responding to the pressing healthcare demands. The memorandum was inked in June during Qatar’s Amir Sheikh Tamim bin Hamad Al Thani’s visit to Baghdad, reinforcing the close ties between the two nations.
Estithmar Holding’s commitment to global expansion is demonstrated through the establishment of this subsidiary and its branch in Iraq, further bolstering shareholder value. The company has entered into three significant agreements worth $7 billion with Iraq’s National Investment Commission. These encompass real estate, tourism, and hospitality, as well as the management and operation of several hospitals.
The initial memorandum outlines the development of two contemporary residential cities that aim to alleviate the housing shortage, estimated at around two million units. These cities, designed to international standards, will feature residential complexes, villas, schools, commercial spaces, entertainment centers, and essential infrastructure.
The second agreement lays the groundwork for the development of 5-star hotels in strategic locations across Iraq, catering to the growing demands in the local hospitality sector.
Under the third memorandum signed by Elegancia Healthcare, the management and operation of multiple hospitals in Iraq will be undertaken. This initiative aims to provide top-tier medical services to the local population, significantly bolstering the nation’s healthcare offerings.
The persistent challenges faced by Iraq’s healthcare system have been exacerbated by years of conflict and the recent pandemic. The country’s healthcare infrastructure has suffered due to conflicts and economic hardships, leading to a decline in its capabilities. Medics Without Borders (MSF) has pointed out that numerous health facilities in Iraq lack essential medical supplies and specialized personnel, adding immense pressure to an already fragile sector during the ongoing pandemic.
Qatar’s Estithmar Holding’s proactive initiatives, in collaboration with Iraq, are poised to make a substantial contribution towards the country’s efforts to address its healthcare challenges and rebuild its healthcare infrastructure.
