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GRAND CAYMAN- December 21, 2020 - Aster DM Healthcare and the Cayman Islands Government Monday announce an agreement making the Cayman Islands Aster's clinical excellence hub for the Western hemisphere, serving the Caribbean Region, North America, Canada, Latin & South America.

The agreement will see Aster initially develop around 150-bed comprehensive, tertiary and quaternary care hospital, with an opportunity to expand in the future based on need, alongside an assisted living facility and healthcare university in the long-term, as part of a joint commitment to seeing the Cayman Islands develop as THE destination for Destination Healthcare, or medical tourism. With this project, Aster aims to replicate its "Medcity" concept, which has proven to be highly successful in its flagship facility in Kochi, India. Over the coming decades, the investment by Aster will inject hundreds of millions into the construction sector and create nearly 2,000 jobs in both direct and indirect roles.

Commenting on the agreement by Government, Honourable Alden McLaughlin, Premier for the Cayman Islands and Minister for Human Resources, Immigration, Community Affairs, International Trade,Investment, Aviation and Maritime Affairs, said, "Given both my role as Premier and Minister with responsibility for International Trade and Investment, I am delighted that an organisation of Aster's calibre is investing in the Cayman Islands, especially at this time. Aster's willingness to invest several hundred millions of dollars in the Cayman Islands economy, in spite of the economic downturn caused by COVID-19, speaks volumes not only of their confidence in the Cayman Islands but also of the resiliency of our economy and our people. This project will not only help to diversify our economy, but it will also provide employment and new opportunities for our people during the construction phase and for decades to come. We are already recognised as leaders in tourism, including the area of medical or healthcare tourism and once Aster Medcity is completed it will help to further diversify our healthcare tourism product by adding to the availability of medical services for those patients coming from overseas, as well providing needed services within our domestic healthcare market. Aster Medcity, together with the other healthcare tourism providers on Island, will further put the Cayman Islands in place to become a major regional healthcare hub."

Speaking on the announcement, Dr. Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare said, "With our experience of delivering healthcare over three decades in India and the Middle East, Aster is in the process expanding to other regions. Apart from catering to the requirements of the local population for tertiary and quaternary care, Cayman Islands in the Caribbean has the potentialfor attracting patients from USA, Canada and the Caribbean countries for holistic healthcare experience due to its proximity. The project being set up with the blessings of the Cayman Islands Government, will bring Aster's advanced clinical expertise, service excellence and legacy of knowledge to the region as we set-up Cayman Islands as our hub for the Western Hemisphere. This is also well aligned with our desire to provide Caring Mission with Global Vision to make quality healthcare Accessible and Affordable across the world."Mr Gene Thompson, Project Director for the development and prominent local entrepreneur explained,“The Cayman Islands has proved itself on the global stage in both tourism and financial services and now we are well on our way to becoming one of the top global countries for medical tourism too. This demonstrates both the resilience of the Cayman Islands, which is currently Covid-free in the community,and the confidence the Cayman Islands economy instils in the outside world. We’re excited to be steering this journey and delighted to bring such positive news to our people at what is still a very difficult time for
so many.”

The team leading the project hopes to break ground in early 2021, with the commencement of the Aster Cayman Medcity - phase 1 construction. This will bring an immediate benefit to the local construction sector, and much needed revenue for Cayman Islands Government in the form of planning fees and materials duty. The Honourable Minister of Health, Environment, Culture and Housing, My Dwayne Seymour was equally proud, “As minister for health, I am passionate about ensuring the health and wellbeing of our people. So, I could not be more proud of the health system we are stimulating, one that will be one of the strongest, most modern and safest in the whole of the Americas. Our people will have access to an unprecedented level of care without having to leave our shores, and the Cayman Islands will be synonymous with the best in International medical care.”

The Cayman Islands, located in the Western Caribbean, has a growing flight network and first-class tourism infrastructure. Just over an hour by air from Miami, it appears perfectly placed to become a regional hub for medical tourism bringing much needed accessibility and affordability for tertiary and quaternary care for Caribbean nations, whilst offering a viable alternative to local care in expensive health systems such as the United States. Aster DM Healthcare Limited is one of the largest integrated healthcare service providers operating in multiple GCC states and is an emerging healthcare player in India. Through its network of 26 hospitals, 115 clinics and 224 pharmacies, the organisation provides the complete of care to all segments of the population. Aster Medcity Hospital in Kochi, the organisation’s flagship centre of excellence in Kerala,
India has emerged as a destination of quaternary care services, which has been setting benchmarks in clinical excellence in the country and region.