Andalus Holdings

What Andalus Holdings does

Andalus Holdings Limited is a privately held healthcare investment firm incorporated in Abu Dhabi Global Market (ADGM) and headquartered at Al Sila Tower, ADGM Square, Al Maryah Island. The firm targets early-stage and greenfield healthcare platforms across the MENAP region — with core geographies of Saudi Arabia, the UAE, and Pakistan and stated openness to opportunities across 14 additional countries including Egypt, Kenya, Morocco, Tunisia, Ethiopia, Uzbekistan, Kyrgyzstan, Georgia, Azerbaijan, Sri Lanka, Oman, Kuwait, and Bahrain. Its stated investment thesis focuses on eight subsectors: acute care multi-specialty hospitals, diagnostic laboratories and sample collection networks, ambulatory oncology centers, rehabilitation and long-term acute care facilities, diabetes and metabolic disease care, IVF clinics, home healthcare and remote patient monitoring, and neuro-behavioral diagnostic and therapy centers.

The firm operates an active-ownership model rather than a passive LP role, partnering with founders and management at concept or pre-revenue stage to co-create healthcare delivery ecosystems. The current disclosed portfolio comprises two assets: Novacare Hospital, a 250-bed tertiary multi-specialty hospital in Islamabad built to accreditation standards with Imperial College Healthcare NHS Trust, integrating AI diagnostics and a nursing academy; and Raidx Medical Laboratories, a diagnostics platform in Riyadh centered on a high-throughput central lab and satellite hubs using tech-enabled workflows. Both assets are presented as operational investments.

Revenue mechanics are those of an investment holding company — equity investment returns and capital appreciation rather than direct product or service sales. The firm is led by Managing Partner Faraz Minai and Founding Partner David Heyman, with additional Founding Partners Ghalib Hafiz and Hans Kedzierski, plus a small operating team and a three-person advisory board. No fund vehicles, AUM, revenue, or LP base are publicly disclosed, and no parent company, external investors, or public listing are evident in the source materials.

Name

Andalus Holdings

Legal name

Andalus Holdings Limited

Website

https://andalusholdings.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Andalus Holdings is a private Abu Dhabi-based healthcare investment firm that partners with operators at concept or pre-revenue stage to build greenfield healthcare platforms across the MENAP region, with disclosed portfolio assets including Novacare Hospital in Pakistan and Raidx Laboratories in Saudi Arabia.

Ownership category

akta.pro rank

Product category

Healthcare Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Management Consulting Services (54161)

SIC

Services-Management Consulting Services (8742), Services-Hospitals (8060)

akta.pro primary industry

Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG)

akta.pro secondary industries

Buy-Side M&A Advisory (FSAEAGAB), Strategic Partnerships, Alliances & JVs Advisory (BPAHADAI)

Keywords

• Healthcare investment management
• Healthcare venture capital
• Greenfield healthcare platforms
• Healthcare private equity
• Medical portfolio investment

Headquarters

HQ city

Abu Dhabi

HQ country

United Arab Emirates

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Returns and Capital Appreciation: As a healthcare investment holding firm, Andalus Holdings generates returns through equity investments in early-stage and greenfield healthcare platforms. The firm co-creates healthcare delivery ecosystems and unlocks value for patients, providers, and investors through active ownership and operational partnership.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Andalus Holdings is a healthcare investment firm that provides equity capital and operational expertise to early-stage and greenfield healthcare platforms across the MENAP region (Middle East, North Africa, and Pakistan). The firm partners with healthcare entrepreneurs and operators at concept or pre-revenue stages, co-creating modern healthcare delivery ecosystems across acute care hospitals, diagnostic labs, oncology, rehabilitation, diabetes care, IVF, home healthcare, and neuro-behavioral therapy centers.

Product overview

Andalus Holdings operates as a healthcare investment platform focused on the MENAP region (Middle East, North Africa, and Pakistan), rather than a traditional product company. The firm's investment portfolio consists of two portfolio companies that deliver healthcare services: Novacare Hospital (a 250-bed tertiary acute care multi-specialty hospital in Islamabad, Pakistan) and Raidx Laboratories (a diagnostic laboratories and sample collection network in Riyadh, Saudi Arabia). Both portfolio companies utilize tech-enabled operating models; Novacare integrates AI diagnostics while Raidx employs tech-enabled workflows in its high-throughput diagnostic platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Healthcare Equity Investment Partnership Equity capital and operational expertise provided to healthcare entrepreneurs and operators at concept or pre-revenue stages in the MENAP region. The firm partners with management teams to co-create modern healthcare delivery ecosystems and unlocks value for patients, providers, and investors through active ownership.
• Novacare Hospital Portfolio Investment A 250-bed tertiary acute care multi-specialty hospital located in Islamabad, Pakistan, built to accreditation standards with Imperial College Healthcare NHS Trust. The hospital integrates AI diagnostics and operates a nursing academy to elevate regional care delivery.
• Raidx Laboratories Portfolio Investment A scalable diagnostics platform headquartered in Riyadh, Saudi Arabia, centered on a high-throughput central laboratory and satellite hubs. Uses tech-enabled workflows to deliver rapid, reliable diagnostic testing across Saudi Arabia.

Quantifiable outcome

• Building modern healthcare delivery ecosystems that improve patient outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Imperial College Healthcare NHS TrustminorStrategic or Co-development PartnerNovacare Hospital in Islamabad, Pakistan was built to accreditation standards with Imperial College Healthcare NHS Trust, integrating clinical governance and quality standards aligned with international benchmarks.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Gulf Capital: Abu Dhabi-based private equity firm with healthcare among its core sectors and a MENAP investment mandate. Comparable as a regional PE operator targeting growth platforms, including healthcare delivery.
• TVM Capital Healthcare Partners: A specialist MENAP-focused healthcare private equity firm headquartered in the UAE. Most directly comparable peer given regional focus, healthcare-only thesis, and growth-stage investment approach similar to Andalus.
• Amanat Holdings: Dubai-listed healthcare and education investment company operating across the MENA region. Comparable as a MENAP investment platform with healthcare delivery exposure and an operating-partner posture.

Regional players

• Mubadala Investment Company: UAE sovereign wealth investor with significant healthcare and life-sciences exposure. Comparable as a major MENAP capital allocator into healthcare platforms, but at much greater scale than Andalus.
• Mumtalakat Holding Company: Bahrain's sovereign wealth fund with healthcare investments in the MENAP region. Comparable as a regional capital provider backing healthcare platforms in similar geographies.
• ADQ (Abu Dhabi Developmental Holding Company): Abu Dhabi strategic holding company actively investing in healthcare delivery and life sciences across the region. Comparable as a UAE-domiciled capital allocator into MENAP healthcare build-outs.
• Public Investment Fund (PIF): Saudi Arabia's sovereign wealth fund with healthcare as a strategic priority under Vision 2030. Comparable as the dominant Saudi capital allocator into healthcare delivery, though far larger in scale than Andalus.

Broad incumbents

• Bain Capital Life Sciences / Healthcare: Global PE platform with dedicated healthcare and life-sciences verticals. Comparable as a sophisticated healthcare investor that could partner with — or compete against — Andalus at scale.
• TPG Capital (Healthcare): Global private equity firm with a long-standing healthcare practice and emerging-markets vehicles (including healthcare operators like Evercare). Comparable as a global sponsor actively investing in MENAP and emerging-markets healthcare.
• KKR Health Care Strategic Growth: Global PE healthcare strategy targeting growth-stage healthcare companies. Comparable as a well-capitalized sponsor competing for the same growth-stage healthcare assets that Andalus targets in MENAP.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/andalus-holdings

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Andalus Holdings