AlixPartners brought in by Abraaj health fund investors to oversee split

20 August 2018

Global management firm AlixPartners is the latest to be added to a growing list of consultancies brought in to sift through the wreckage of the Abraaj collapse, with Deloitte meanwhile tapped by regulators in Dubai.

Investors in the $1 billion Abraaj healthcare fund have hired global consulting firm and turnaround specialists AlixPartners to oversee the fund’s separation from the troubled Abraaj Group. The news follows the appointment of Deloitte by the Dubai International Financial Centre (DIFC) courts to wind-up the UAE arm of the private equity group, and the move earlier this month by investors to bring in Alvarez & Marsal to help recover nearly $100 million in outstanding debt.

On behalf of investors said to include the Bill & Melinda Gates Foundation and the World Bank’s International Finance Corporation, AlixPartners will oversee the fund’s separation from the group while working with its senior operations team and Cayman court-appointed provisional group and investment liquidators (PwC and Deloitte) to seek out a permanent investment manager in replacement. Colony Capital, TPG and Cerberus Capital Management were previously reported to be among those in the running.

AlixPartners brought in by Abraaj health fund investors to oversee split

Initially slated last month to step in as interim fund manager after a period of earlier consultation with investors, the AlixPartners appointment had been delayed due to the liquidation order, but the firm will now according to a statement from the fund seek to “ensure continuity and build a stable platform for the future.” Simon Appell, Managing Director for AlixPartners in London, said the firm was keen to see the good work of the emerging markets health fund continue.

“The Abraaj Growth Markets Health Fund is helping to deliver accessible, affordable and quality care for low and middle-income people in 10 of the largest cities in Sub Saharan Africa and South Asia, and we want to see that continue,” Appell stated. “We are delighted that investors continue to support and finance the fund as it goes through this transition and thank management, portfolio company founders, and advisors for their assistance and support of the Fund’s mission.”

The news coincides with the appointment of David Soden and Phil Bowers from Deloitte by the DIFC Courts to oversee the winding up of Abraaj Capital, the UAE arm Abraaj Investment Management Limited, and to prevent it from moving money. Local regulatory body the Dubai Financial Services Authority (DFSA) said of the order: “Given the onset of financial difficulties of the wider Abraaj Group, the DFSA has been closely monitoring the activities of its regulated entity ACL. The DFSA has taken regulatory actions over the past few months in order to safeguard the interests of investors and the DIFC.”

The long-running saga has now seen the involvement of a large number of international consultancies, kicking off in full after suspicious investors rejected an Abraaj-initiated audit by KPMG, disputing the expeditious nature of its one-month completion and bringing in Ankura Consulting in response. Abraaj in turn hired Deloitte to carry out a second audit and broader review, with the Big Four firm ultimately determining accounting irregularities and the commingling of funds – ultimately triggering the voluntary liquidation.

GE Healthcare Partners awarded for transformation project in Dubai

05 April 2019

GE Healthcare Partners has picked up a highly commended award for its work in the Middle East at the prestigious 2019 MCA awards in London, adding to its trophy cabinet from last year.

Hosted by the Management Consultancies Association (MCA) – the leading UK promotional body for the management consulting industry – the MCA Awards celebrate excellence in project delivery and individual achievements across a range of categories, such as Innovation in Digital and Technology, Best use of Thought Leadership, Customer Engagement and Marketing, and Change and Transformation in the Public Sector.

In the latter category, the global advanced healthcare consultancy GE Healthcare Partners has this year received a ‘highly commended’ recognition for its work with the Dubai Health Authority towards transforming the local sector into a world-class hub for healthcare. It’s the second straight year the firm has been acknowledged for its public sector work in the region, last year taking out the ‘International’ award for its project with the Saudi Ministry of Health.

A division of General Electric, GE Healthcare Partners serves as the strategy and management consulting arm of GE Healthcare, providing a range of services and solutions to private and private sector clients in the areas of strategy delivery, care design, digital and advanced analytics, operational excellence, training, and health management among others. Established locally more than a decade ago, the consultancy serves the region from hubs in Dubai, Riyadh and Beirut.GE Healthcare Partners highly commended for healthcare project in DubaiAssessed by an esteemed panel of independent expert judges – drawn from the business, consulting, academic and public realms – GE Healthcare Partners was highly commended at the 2019 MCA awards for its work over the past year in assessing and preparing the Dubai Health Authority (DHA) to implement strategic transformation initiatives under the Dubai Plan 2021 development programme.

Acting as a both a regulator and healthcare services provider, the DHA has altogether some 12,000 employees, and operates 40 centres, four hospitals and six core businesses. In developing a change transformation management framework in line with the DHA’s strategic goals, GE Healthcare Partners addressed four primary areas: operating models, management practices, corporate culture, and organisational readiness.

A runner-up this year to ultimate public sector category winner Cognizant, which was crowned for its agile transformation work with the BBC, GE Healthcare was last year named the outright winner in the International category ahead of a Proudfoot assignment in Mongolia and PwC’s work with the UK Department for International Development – taking home the prize for a patient-centred productivity project for the Saudi Ministry of Health.

Initially covering 12 key performance indicators across 33 hospitals, GE Healthcare Partners teamed up to implement the methodology and provide a range of development and leadership expertise for the improvement project. The results: the length of emergency department stays dropped by 25 percent and the number of non-urgent patients accessing the department reduced by 336,000 visits. The NPS – a metric to measure customer experience – meanwhile rose by 150 percent. Indeed, all twelve KPIs improved, at a return on investment ratio of 50:1.