Reuters UK, 22 Dec 2008, Matthew Webster
SINGAPORE, Dec 22 (Reuters) - Singapore healthcare firm Parkway Holdings (PARM.SI) signed an agreement with United Eastern Medical Services on Monday to manage a new $200 million hospital in Abu Dhabi.
The agreement marks the first foray for Parkway Holdings into the Middle East. The hospital, Danat Al Emarat, will have 170 beds when it opens, with an expected total capacity of 300 beds.
The deal comes a week after the Singapore firm's announcement to cut salaries and lay off 4 percent of its staff in a bid to rein in costs.
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