39.2 C
Wednesday, July 24, 2024

Saudi’s Fakeeh Care mulls IPO, enlists HSBC – sources

Saudi Arabia’s major private hospital group, Fakeeh Care, is reportedly exploring the option of an initial public offering (IPO) to sell a 30% stake, as disclosed by two anonymous sources familiar with the situation to Reuters.

The family-owned enterprise, boasting medical facilities in Jeddah and Riyadh, has enlisted HSBC to provide advisory services for the potential IPO. Both sources chose to remain anonymous due to the non-public nature of the matter.

At the time of contact on Sunday, Fakeeh Care had not responded to Reuters’ request for comment, and HSBC declined to comment.

Founded in 1978 and named after its late founder Dr. Soliman Fakeeh, the group initiated its first hospital. With a website detailing a bed capacity exceeding 1,400, along with a medical team of over 1,000 doctors and 2,000 nurses, Fakeeh Care holds a significant presence in the healthcare sector.

Riyadh’s initiatives to encourage more family-owned businesses to go public align with broader market reforms intended to diversify revenue streams beyond oil.

The Saudi Exchange, the largest and most liquid stock market in the Arab world, has witnessed an influx of healthcare sector listings, including hospitals like Dr. Sulaiman Al Habib, pharmaceutical group Al Nahdi Medical Co, and generic drugmaker Jamjoom Pharmaceuticals Factory Co.

As a testament to its focus on the sector, Saudi Arabia allocated 189 billion riyals ($50.4 billion) in its 2023 budget to health and social development, tied for the second-highest expenditure alongside education, following the military.

Refinitiv data reveals that companies in the Middle East have raised $5.3 billion in the first half of this year, marking the highest amount in 15 years, except for the exceptional year of 2020, which stood out due to a surge in IPOs.

Next Article

Related Articles

Alert Smart City: An Investment Opportunity to Revolutionize Crisis Communication in the Era of Climate Change

Leadership in Urban Resilience: The Journey of a Smart City in Crisis Communication Since its inception in 2019, Alert Smart City has been at the...

Srikanth Ravinutala and Adaapt AI : A Journey of Digital Transformation

Introduction Adaapt AI, led by Srikanth Ravinutala, is a pioneering AI-driven platform designed for digital transformation heads, enabling seamless adaptation to new technologies. By...

Explore the GCC’s Newest AI Innovation for Transforming Your Social Media Strategy!

Ardalan Zadehsoltan, founder and CEO of Unlock AI, launched the company to address social media management challenges faced by clients. With a background in...

Sreshta Farmer Producer Company Limited: Pioneering Technology-Driven Farming in Andhra Pradesh

Introduction to Sreshta Farms Sreshta Farmer Producer Company Limited (Sreshta Farms) was established in Kollipara, Andhra Pradesh, with the vision of creating a technology-driven agricultural...

Blockchain Life 2024 in Dubai Unveils First Speakers, Featuring Industry Leaders from Tether, Ledger, TON, Animoca Brands and More

Blockchain Life 2024 in Dubai Unveils First Speakers, Featuring Industry Leaders from Tether, Ledger, TON, Animoca Brands and More Blockchain Life 2024, one of the...

Latest Articles