Saudi Arabia healthcare group Fakeeh Care files to sell shares in the UAE via IPO

SAUDI ARABIA – Fakeeh Care, a private hospital group based in the Kingdom of Saudi Arabia, plans to sell at least 30 percent of its stake in the family-owned business to a strategic investor.

The Fakeeh Care Group is more than just a hospital group; it also acts as an academic hospital with undergraduate and postgraduate programs.

According to the latest Reuters report, Fakeeh Care is on track to secure extra funds through an initial public offering (IPO) in the United Arab Emirates.

Fakeeh Care has reportedly roped in HSBC, the largest international bank in the Middle East and North Africa, to advise on the buyout deal.

However, Fakeeh Care did not immediately respond to a request for comment when contacted by Reuters on its IPO ambitions while HSBC declined to comment.

Apart from its IPO ambitions, Fakeeh Care Fakeeh Care is looking to further penetrate the Dubai healthcare and medical education market.

Fakeeh University Hospital plans for expansion in the UAE with the upcoming Fakeeh University Medical Center.

To this end, Fakeeh University Hospital formed a partnership with the globally renowned health planning organization TAHPI.

By offering design consulting services to the Fakeeh University Medical Center, TAHPI will help bring the ambitious project to fruition.

Fakeeh Care Group also recently integrated Wolters Kluwer Health’s recognized clinical decision support (CDS) at three hospitals in the Kingdom of Saudi Arabia and the United Arab Emirates.

This is a direct reflection of the commitment of the Fakeeh Care Group’s collection of businesses to provide secondary and tertiary healthcare services for communities in the wider Middle East region.

Moreover, the mentioned IPO plan comes as Riyadh is encouraging family-owned companies to list on the Saudi Exchange in a bid to deepen its capital markets.

It can contribute to the attainment of strategic objectives aimed at reducing the Kingdom of Saudi Arabia’s reliance on oil revenue.

Saudi Arabia has allocated 189 billion Saudi riyals (US$50.4 billion) in its 2023 budget to health and social development, a joint second alongside education as the biggest expenditure for the country following the military.

On account of this, the Saudi Exchange has seen an uptick in listings from the healthcare sector in the last three years.

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