GE Healthcare of Chalfont St. Giles, U.K., is ramping up its activities in the Middle East, partnering with the Qatar Foundation to create a joint venture company to develop new products in the fields of healthcare IT, digital x-ray, and molecular imaging.
In healthcare IT, GE and Qatar Foundation will expand GE Healthcare's IT business in the Middle East and Africa through the creation of a joint venture headquartered at Qatar Foundation's Qatar Science & Technology Park (QSTP) in Doha. The joint venture will develop healthcare IT products adapted to the needs of the Middle East, and will provide marketing, sales, and distribution services in partnership with GE Healthcare's existing infrastructure in the region.
The new company will establish healthcare IT product development, training, and education facilities at the GE Advanced Technology & Research Center (GE ATRC) at QSTP. The company will be equally owned by GE Healthcare and the Qatar Foundation, and will have a goal of achieving more than $200 million of annual revenues in the next five to seven years.
GE Healthcare and Qatar Foundation will also establish a jointly funded R&D venture that initially will fund the acceleration and expansion of GE's existing R&D programs, mostly in the fields of digital x-ray and molecular imaging. Ultimately, the joint venture intends to build local R&D capabilities at the GE ATRC in Doha. The joint venture will be equally owned by GE Healthcare and Qatar Foundation, with a projected budget in excess of $400 million over its first five years.
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