The framework agreement between the two companies was signed in Colombia’s Cartagena de Indias on 3 June. Credit: © Burjeel Holdings.

UAE-based healthcare services provider Burjeel Holdings has signed a framework agreement with Colombia’s health organisation Keralty to form a new joint venture (JV) named ‘AL KARMA’. 

The agreement, signed in Colombia’s Cartagena de Indias on 3 June, aims to offer ‘affordable’ healthcare services across the Middle East and North Africa (MENA) region. 

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AL KALMA, a name that connotes ‘united for health and well-being’, will introduce a value-based healthcare model. 

This model will provide specialised primary care centres, integrated mental health services, and health risk management services, with the aim of serving nearly 30 million patients over the next ten years. 

Additionally, the strategic partnership draws on the expertise of both companies, facilitating a swift expansion in the Middle East, with the potential to grow into North Africa.  

Initially, the JV will launch in Saudi Arabia, capitalising on the country’s move towards a primary healthcare model. 

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The alliance also plans to broaden its reach, assessing and adapting to each market on an individual ‘country-by-country’ basis.  

Operations for the JV will be managed by a new holding company based in the jurisdiction of Abu Dhabi Global Market.  

Both Burjeel Holdings and Keralty will hold an equal 50% stake in the JV.  

Details regarding the expansion plan and other related information will be announced in the future, Burjeel added.  

Keralty brings nearly five decades of experience and a healthcare model from its operations across nine countries, including the US and Colombia.  

This model focuses on prevention, detection, control/care of diseases and dependency, and health risk management. 

Burjeel Holdings, with its Middle East presence, complements the JV by providing a network of medical centres, hospitals, and pharmacies, delivering complex and specialised services. 

Furthermore, the JV is also a reflection of the growing economic ties between Colombia and the UAE, underscored by the recent Comprehensive Economic Partnership Agreement.  

Burjeel Holdings founder and chairman Shamsheer Vayalil said: “Our unique model envisions comprehensive well-being, from prevention to control and care of disease in order to enhance services and patient outcomes on a local, personalised level.  

“This approach will keep people healthier and out of hospitals, leading to a substantial shift in healthcare delivery.”