Emerging markets-focused private equity firm Abraaj Group announced on May 11, it planned to mobilise a billion dollar to build and purchase hospitals in four African cities.

The Dubai-based investor said, during the recent World economic forum on Africa held in Kigali, it will invest $500 million of its own funds and mobilise a similar amount from other investors in the next five years to improve quality of treatment in Lagos, Nairobi, Addis Ababa, and Johannesburg.

Sev Vettivetpillai, partner of Abraaj, said in this framework that the group was about to acquire land in Lagos to build a 350-bed multi-specialty hospital and buy various hospitals in Nairobi. “We are looking to build from the ground up because the assets do not exist,” he said according to Reuters.

Sub Saharan Africa lacks adequate healthcare. As a result, residents of the region with resources prefer going to Northern African nations such as Morocco and Tunisia, and Europe even, to treat themselves.