Dr Hatem El-Gabaly, former Egyptian minister of health, said that he plans to establish a direct investment fund named RX Healthcare Fund in Mauritius with investments worth $100m in the first phase, which is planned to extend for four years.

El-Gabaly said that the fund’s investments will be allocated for contribution in the projects in the fields of hospitals, diagnostic centres, and pharmaceutical companies in the African market.

He explained that the Egyptian market will be amongst the markets in which the fund will invest, on the condition that there are good opportunities.

The former health minister pointed out that the fund may invest 30% of its volume in the Egyptian market if real opportunities with promising revenues are available. He expected the fund to implement its first deal in an unspecified African country.

He said that the medical sector is very attractive for Arab and foreign investment and claimed that all global investment funds prioritise the sectors of education and health.

El-Gabaly said that the African market needs investments in the health sector, noting that Egyptian investors can benefit from that and achieve good revenues as a result.

He recognised that the Egyptian market is characterised by high investment revenues and a speedy collection of fees for health services from citizens. The largest percentage of fees obtained from these health services are in cash. There are also a lack of services and no strong competitors, he added.

“Africa will be the destination of global investment in the field of health over the upcoming 20 years. Egypt can be a main player in the African market, especially that young investors working in Egypt are more bold and ready compared to before.” said Dr El-Gabaly.