Alkhair Capital Dubai, a prominent financial services firm, has unveiled a $100 million Islamic fund designed to tap into the burgeoning healthcare sector. Domiciled in the Dubai International Financial Centre (DIFC), the Alkhair Capital Healthcare Sector Fund is set to focus on enterprises harnessing cutting-edge artificial intelligence (AI) to enhance healthcare providers, as stated in a recent announcement.
The fund’s primary objective is to address the persistent challenges faced by hospitals and healthcare facilities in the UAE, particularly the considerable delays in processing medical claims payments. Simultaneously, it seeks to generate substantial annual returns ranging from 6% to 12%. Investments will be strategically allocated across varying short to medium-term durations to optimize returns.
Currently, the UAE’s healthcare sector grapples with a staggering $1.2 billion in pending medical claims, mired in lengthy processing procedures.
Naveed Aurakzai, CEO of Alkhair Capital, highlighted the critical issue, stating, “Healthcare facilities encounter a delay of 112 days on average to receive 90% of their payments from insurance companies. We launched this investment fund with the primary aim of addressing one of the most formidable challenges within the sector, estimated to encompass $100 billion spending within the GCC.”
To meet the fund’s objectives efficiently, Alkhair Capital has entered into a strategic partnership with fintech firm Klaim Technologies. Klaim Technologies specializes in AI-powered solutions for assessing insurance claims.
Karim Dakki, CEO of Klaim, emphasized their role, stating, “Leveraging our AI-driven insurance claims assessment technology, we aim to optimize and accelerate the claims process, facilitating prompt payments to medical facilities.”
The Alkhair Capital Healthcare Sector Fund not only seeks to capitalize on the rapid advancements in AI technology but also addresses a critical issue in the healthcare sector, ultimately aiming to enhance efficiency and financial stability for medical facilities in the UAE.