Joint Venture aims to deploy AED 1 billion over the next 3-5 years with goal to launch IPO.
Foundation Holdings and Bloom Holding announced the launch of a joint-venture introducing workforce solutions in the critical, impactful and fast growing sectors of healthcare, education and consumer driven industry within the UAE. The newly formed joint venture aims to be a key partner, helping business owners and key stakeholders stay ahead of the curve by advancing their business objectives, recruiting top talent and reducing employee turnover.
Foundation Holdings and Bloom Holding will each own 50% of the joint venture which aims to deploy AED1 billion in these sectors over the next three to five years with the goal to ultimately sell shares in an IPO on the local or international stock exchanges.
Competition is at an all-time high as businesses of all sizes strive for their share of talented employees looking for great opportunities. In addition to rising healthcare and education costs and complying with complex regulations, business owners increasingly face demands to provide superior benefits to match employee expectations.
The joint venture will leverage Foundation Holdings’ strategic insight and specific sector knowledge as well as Bloom Holding’s brand, operational expertise and experience in bringing workforce solutions. The joint venture offers a unique proposition, differentiated access and strategy.
Sameh Muhtadi, CEO of Bloom Holding, said: “We believe Foundation Holdings firmly leverages its management’s extensive track record in operational value creation and IPOs in the robust healthcare, education and consumer sectors, which ultimately promise exponential growth in our region. This new alliance will further enable Bloom Holding to strengthen its brand and position. We look forward to giving our community the resources and environment they need to succeed.”
Abhishek Sharma, CEO of Foundation Holdings, said: “We strongly believe the healthcare, education and consumer sectors will drive human capital, innovation and transformational opportunities. The ground breaking joint venture is an exciting new chapter for Foundation Holdings. We will turn the war for talent from one of the biggest challenges into an asset. This is an ambitious collaboration allowing Foundation and Bloom to combine forces and ultimately master the war for talent.”
Muhannad Al badri