Faisal Belhoul joins forces with iGan Partners to launch US$250 million iGan Arabia fund to drive MedTech innovation in MENA

Dubai/Toronto; gulftech: 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$250 million iGan Arabia regional fund to drive MedTech innovation across the Middle East and North Africa (MENA) region.

iGan Arabia will focus on investing in AI/Cloud-enhanced medical devices and digital health technologies that will improve patient outcomes and reduce the cost of healthcare. The fund targets US$250 million through limited partnerships with an additional US$250 million in co-investments. This was announced during Arab Health 2022, the MENA region’s premier healthcare exhibition held in Dubai.

The first four initial 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 various eye diseases; and MolecuLight, the world’s first handheld imaging device that enables clinicians to visualize bacteria in real-time for advanced wound care. All these companies 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.”

Healthcare spending in the region, particularly in the GCC states, is projected to grow to US$89 billion in 2022, according to a report by KPMG, while many countries across MENA face severe strain on their healthcare systems, some particularly overcrowded and weak, as per the Organisation for Economic Cooperation and Development (OECD). The COVID-19 pandemic has added to the stress of efficient healthcare delivery.

Sam Ifergan, Founder & CEO, iGan Partners, said: “We see the GCC as a rapidly transformative region, particularly in the healthcare sector. 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. We are looking forward to working with local investors, healthcare groups and government agencies in establishing the UAE as a leading healthcare innovation hub.”

Faisal Belhoul, Co-Chairman, iGan Arabia, added: “Over the years, my focus has been on investing in education and healthcare, two core sectors that are at the heart of the region’s transformation. 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.”

iGan Arabia will help catalyse a vibrant MedTech ecosystem in the region spurring innovation and driving the emergence of new startups in the sector. Young innovators and healthcare practitioners can benefit from the fund in realizing their tech-entrepreneurial aspirations.

iGan Arabia brings the expertise of two successful international investment leaders, iGan Partners and Faisal Belhoul, who have proven credentials in driving MedTech venture capital funding and supporting healthcare entrepreneurs in Canada, the US and the GCC. iGan Partners’ Sam brings over 20 years of experience in healthcare and entrepreneurship. Since 2018, Sam has been extensively engaging with companies and organizations in the UAE and the KSA with the goal of launching iGan Arabia.

Faisal is also a founder of Ithmar Capital, a leading private equity firm in the GCC, founder of Amanat Holdings PJSC, one of the GCC’s largest integrated healthcare and education listed investment companies and Vice Chairman of the Dubai Chambers by decree from the Ruler of Dubai, he was recognized as one of the top 100 Executives in the Gulf region.