- Key agreements include SR4bn pharmaceuticals-manufacturing deal, SR5bn expansion by Fakeeh Care Group, and SR3bn Almoosa Health Group plan for new medical facilities
- Goal is for Kingdom to become ‘hub for addressing global challenges,’ through a unified government approach focusing on innovation, digital solutions and AI, minister says
RIYADH: Speaking on the opening day of the Global Health Exhibition in Riyadh on Monday, the Saudi minister of health, Fahad Al-Jalajel, announced imvestment deals in the sector worth more than SR50 billion ($13.3 billion).
Key deals include a SR4 billion pharmaceuticals-manufacturing agreement between NUPCO, Novo Nordisk and Sanofi, a SR5 billion expansion by Fakeeh Care Group, and a SR3 billion investment by Almoosa Health Group to establish five primary care centers and two hospitals.
Other major agreement included Dallah Health’s acquisition of Al-Salam and Al-Ahsa hospitals, which adds 749 beds to the healthcare system in the Eastern Province. Dallah is also planning a new hospital in Riyadh with a capacity of 250 beds and expansion potential, a project valued at SR4 billion.
The seventh Global Health Exhibition, the theme of which is “Invest in Health,” began on Monday at the Riyadh Exhibition and Convention Center and continues until Wednesday. It brings together government leaders, industry experts and healthcare professionals to explore transformative investments in Saudi Arabia’s healthcare sector, organizers said.
During his opening address, Al-Jalajel highlighted Saudi Arabia’s position as a leading regional investor in healthcare, as guided by the Health Sector Transformation Program under the Kingdom’s Vision 2030 plan for national development and diversification.
“Our goal is for the Kingdom of Saudi Arabia to serve as a hub for addressing global challenges by establishing a unified government approach, focusing on innovation, digital solutions and artificial intelligence,” he said.
Investment in the private health insurance sector in the country has surged, Al-Jalajel said, with more than 12 million people insured by the end of 2023, compared with only 3 million in 2011. He projected that this market, currently worth SR40 billion, would double in value by 2030.
In addition to investment deals, several strategic partnerships and other agreements across the healthcare sector were announced on the opening day of the exhibition, including collaborations between universities, healthcare institutions and the private sector that aim to boost research, innovation and the development of healthcare professionals in the Kingdom.
Source: www.arabnews.com