Foundation Holdings has announced the investment of a quarter billion Saudi riyals in the health services sector in the Kingdom of Saudi Arabia.
The group said this is its second investment in the fast-growing medical care market in Saudi Arabia.
Foundation Holdings is scheduled to be listed on the Saudi Stock Exchange within the next two years.
In turn, Abhishek Sharma, CEO of Foundation Holdings, announced that his healthcare and education investment company has acquired 51% of Shifa Al Montazah Medical Complex.
He also added, “Foundation plans to invest about 250 million riyals ($67 million) in the Saudi primary health care sector, and about half of this amount was spent on the Al-Montazah healing deal.”
Investing in Bahrain
The Bahrain Economic Development Board had announced the signing of a memorandum of understanding with Foundation Holdings to invest $30 million by launching services and products for its affiliates in the Kingdom.
The memorandum also includes the establishment of a new medical center that will focus on providing specialized health care services and non-communicable diseases.
This investment will contribute to achieving the Economic Development Board’s goal in the desired positive impact of the Kingdom of Bahrain on the health care and education sectors.
Meanwhile, the investment also includes the funding primary health care provider Right Health, a Foundation subsidiary, to establish a new research and development center, along with a chain of outpatient clinics, diagnostic facilities and pharmacies.
The chain will provide medical capacity for 150 doctors and nurses capable of serving up to 500,000 patients annually.
The agreement also includes the launch of medical solutions through Promedics, another company of Foundation Holdings. The company seeks to work with the leading private and government hospitals in the Kingdom to provide the best and latest orthopedic implants and general surgery devices and technologies of its kind.
Whereas, Bahrain’s healthcare market is growing at an average annual rate of 12.2%, growing from $1.1 billion in 2015 to an estimated $2 billion in 2020, reflecting growing investment opportunities in this key sector.
“We believe that Bahrain is poised to become a major hub for finance, healthcare, education, technology and innovation and we are proud to partner with Bahrain to enhance the quality of the healthcare and education sectors in the Kingdom and the wider GCC region,” Foundation Holdings’ CEO said.