Gulf-based NRI businessman to invest in Bahrain

BR Shetty has plans to invest in Bahrain's medical and money exchange sectors.
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Updated on Mar 16, 2007 03:21 PM IST
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IANS | By, Dubai

Prominent Gulf-based non-resident Indian businessman BR Shetty has announced plans to invest in Bahrain's medical and money exchange sectors.

UAE-based Shetty, the managing director and chief executive officer of National Medical Centre (NMC) and UAE Exchange Centre, was the recipient of this year's Pravasi Bharatiya Samman award given by India's Overseas Indian Affairs ministry.

On Thursday, Shetty agreed to invest multi-million dinars in Bahrain, starting with a money exchange centre in Manama.

"We shall start our business with one branch in Manama, to be followed by another in Muharraq, in association with Dadabhai group of companies," he said.

Shetty also said that he is studying the possibility of establishing a hospital in Bahrain.

The UAE Exchange Centre is one of the largest financial institutions in the Middle East offering money exchange and remittance services all over the world.

With more than 350 offices and 115 correspondent bankers worldwide, UAE Exchange has outward remittances of nearly $8 million a day.

Shetty was in Bahrain with his wife Chandrakumari and son Binay to attend a reception hosted in his honour by the Bahrain Keraleeya Samajam, according to the Gulf Daily News.

Shetty founded the New Medical Centre Hospital in Abu Dhabi in 1973. He also set up the NMC Speciality Hospital in Dubai and Sharjah. His medical institutions treat over one million patients a year.

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