Case | HBS Case Collection | February 2016 (Revised August 2016)

Mohamed Azab and Seha Capital

by Richard G. Hamermesh and Sarah McAra


In January 2011, Mohamed Azab, founder and CEO of health care investment firm Seha Capital, made his first health care investment in Hassab Labs, a diagnostic lab in Alexandria, Egypt. Weeks later, a revolution erupted across the country as the Arab Spring swept through the region, and Azab spent the following years active in both the protests and in restructuring and expanding Hassab Labs. From 2011 to 2014, he opened 25 new branches, quadrupled staff, and more than doubled net income. By the end of the revolution in 2014, Hassab Labs was among the top five chains in the country. In October 2014, Seha partially exited Hassab Labs in a sale to an African conglomerate, SAHAM Group. At the same time, Azab learned that foreign investors in a small private hospital in Egypt were looking to exit the market. While Seha's mission was to build diagnostic, hospital, and pharmacy chains in Egypt, Azab had not been planning to enter the hospital market until he further expanded the diagnostic labs. In late 2014, Azab must decide if he should focus on expanding Hassab Labs, either in Egypt or across Africa, or invest in the hospital.

Keywords: health care; health; entrepreneurship; pan-Africa; health care investment; financing; developing world; Entrepreneurship; Egypt; Africa;


Hamermesh, Richard G., and Sarah McAra. "Mohamed Azab and Seha Capital." Harvard Business School Case 816-066, February 2016. (Revised August 2016.)