SAUDI ARABIA – Olayan Saudi Holding Company (OSHCO) and Austria-headquartered healthcare provider VAMED Group have signed a partnership agreement to set up a new rehabilitation and long-term care hospital in Riyadh, the Kingdom of Saudi Arabia.
Addressing the need for specialized rehabilitation and long-term care hospitals in Saudi Arabia, this 150-bed capacity hospital is scheduled to begin operations in the second quarter of 2024.
When completed, this new hospital will open its doors to insured patients, government-referred patients, and cash patients, and will offer inpatient and outpatient medical and non-medical services.
The facility will leverage OSHCO’s unparalleled local market knowledge and VAMED’s international expertise to provide exceptional patient experiences and high-quality services for people with chronic illnesses or disabilities.
The hospital project follows the establishment of a medical investment partnership between Olayan Saudi Holding Company and VAMED Group in February 2023.
OSHCO and VAMED agreed to jointly establish, operate and manage hospitals in the Eastern and Western Regions of Saudi Arabia and various cities in Middle Eastern countries.
Additionally, OSHCO intends to expand the strategic partnership to transfer knowledge and best global practices to the Kingdom of Saudi Arabia and develop innovative services.
This move will significantly contribute to the objectives of the Health Sector Transformation Program of Saudi Vision 2030 and support the Ministry of Health’s Vision 2023.
“Saudi Arabia’s ongoing efforts to build a comprehensive, effective, and integrated health system has a huge focus on long-term medical care and rehabilitation,” noted Dr. Salim.
Moreover, the strategic reforms encourage the private sector to invest, build and take over rehabilitation and post-acute long-term care centers and hospitals in the Kingdom of Saudi Arabia.
“We are pleased to announce a new major milestone on our growth journey as we endeavor to open our first rehabilitation and long-term care hospital in Riyadh in partnership with VAMED Group,” stated Eng. Uwaidh Alharthey, Chief Executive Officer of Olayan Saudi Holding Company.
He confirmed that OSHCO has several hospitals in the pipeline to address the care gap and maximize opportunities in the health sector across the Middle East region.
“The healthcare sector in Saudi Arabia and the wider region offers promising opportunities, with demand for quality healthcare increasing significantly,” observed Eng. Alharthey.
He underscored that the Gulf region is a key focus area for OSHCO as the holding company continues to fulfill its objectives in line with the Olayan Financing Company’s investment strategy.
The construction of the Riyadh-based facility is part of OSHCO’s strategy to expand its healthcare investment portfolio and play a leading role in the development of Saudi’s healthcare sector.
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