Rochester, Minn.-based Mayo Clinic has invested $50 million into a 741-bed hospital in the United Arab Emirates, according to the system's recent financial report.
With the investment, Mayo Clinic has funded a 25 percent equity position in the joint venture.
Mayo Clinic partnered with Abu Dhabi Health Services Co. in November to open and operate the 741-bed Sheikh Shakhbout Medical City. The 3.2 million-square-foot hospital began seeing patients late last year.
In the financial report, Mayo said that it has entered into a hospital expertise agreement, brand license agreement and research contribution agreement with the hospital that will become effective in January.
Mayo Clinic also said it has a $150 million conditional pledge from the joint venture.
The joint venture has an initial commitment period of 20 years with the ability to extend another 10 years.