Abu Dhabi-based NMC Group, worth over Dh5 billion ($1.36 billion), will not lay off employees despite challenges posed by the global economic downturn, but instead, hire new staff to expand its operations, the group's chief executive officer BR Shetty said.

The NMC Group runs a chain of hospitals in the UAE and has stakes in the manufacture of medicinal drugs, a chain of hotels and restaurants and money transfer companies. The company employs 8,000 staff in the UAE.

Shetty said the NMC Group employees have been told that they will not be retrenched.

'We will not retrench anyone, in fact, we are recruiting new members to our team on a daily basis. There are no salary cuts, only salary hikes,' said Shetty, adding that the group has achieved a 40 per cent growth rate,' Shetty was quoted as saying in the Gulf News.

'We are on a strong footing and we will continue to achieve optimum growth,' he stated.

'Whatever the global (financial) situation, I am not worried about the finances. We have invested in our own core businesses which ensure comfortable margins, and I remain confident, we can tide over any recession,' he added.

Shetty remarked that the phenomenal growth of NMC's businesses would not have been possible without the patronage and support of the UAE leadership, since the group's inception in 1975.

Shetty said the NMC Group through its UAE Exchange has applied to the UAE Central Bank for a licence to start consumer banking.

'We applied almost 18 months ago. We haven't yet received the license from the Central Bank, but we remain hopeful,' said Shetty.

Future plans

On the group's future plans, Shetty said NMC will come out with an initial public offering (IPO) of its shares within the next three years. 'We will do so when the market conditions are right,' he said.

The group also plans to establish NMC hospitals in Qatar, Oman and other parts of the Middle East, as well as moving in to India.

'We want to strengthen our operations within the UAE and the Gulf region,' Shetty added.

A diversified business conglomerate, NMC, has its roots in the healthcare sector where it enjoys phenomenal reputation with the establishment of leading healthcare institutions in the region - the NMC Hospitals in Abu Dhabi and Dubai, and the New Medical Centre in Sharjah.

NMC has seen the string of successes in diversified businesses varying from financial services to trading in pharmaceuticals, FMCG brands, scientific, laboratory, education and  medical supplies, foodstuff, retail pharmacies, gold and diamond jewellery; advertising, hospitality, real estate, information technology, engineering projects and services among others.

The state-of-the-art pharmaceutical manufacturing factory Neopharma at the industrial suburb of Mussafah in Abu Dhabi complements in substantial measure the activities of NMC in the healthcare sector.