It has risen a whopping 1,650 per cent since it started trading six years ago, more than any other company based in the Arab world.
Abu Dhabi-based NMC Health Plc closed at a record on Friday in London, boosting its market value to $10.8 billion. That’s about $200 million less than Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai.
NMC Health is now one of 24 equities in the region with a market cap above $10 billion. Moody’s Investors Service on Monday assigned the company a first-time rating of Ba1, the highest non-investment grade, with a stable outlook.
The medical firm started trading as part of the FTSE 100 Index from September last year, a steep climb for a stock that was listed in 2012. The healthcare provider sold shares in an initial public offering at 210 pence each compared with 3,688 pence in London on April 20.
It still has a long way to go before unseating the unrivaled king of Middle Eastern stocks: Saudi Basic Industries Corp.