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

  • Targeted fund of US$250 million with limited partners and US$250 million through co-investments aim to transform healthcare systems in MENA
  • Fund will explore investment opportunities in AI/Cloud-enhanced medical devices and digital health technologies
  • Identifies four breakthrough technologies for investment in areas in prostate cancer, advanced wound care, eye disease, and digital patient management

Dubai/Toronto; February 7, 2022: iGan Partners, Canada’s leading healthcare technology investors, will join 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 will target US$250 million through limited partnerships with an additional US$250 million in co-investments.

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.

About iGan Partners:

Based in Toronto, iGan Partners is Canada’s leading health technology investors focused on disrupting the sector through breakthrough innovation that dramatically improve patent are while reducing costs.  The firm focuses on identifying at an early-stage, then commercializing and scaling technological advancements in AI/Cloud-enhanced medical devices and digital health. iGan provides portfolio companies with smart-capital, active support, and access to a network of industry partners and sector-specific co-investors to help them grow and succeed.

*subject to ADGM approval