RIYADH: Saudi Arabia’s Minister of Health, Fahad Al-Jalajel announced during the Global Health Exhibition in Riyadh investment deals worth over SR 50 billion ($ 13.3 billion) in order to boost the healthcare sector. The major deals are agreements with NUPCO and Novo Nordisk and Sanofi for a SR 4 billion pharmaceuticals manufacturing deal, Fakeeh Care Group for SR 5 billion expansion and Almoosa Health Group worth SR 3 billion to create new care centres and hospitals.
Dallah Health acquired Al-Salam and Al-Ahsa hospitals by adding 749 beds to the Eastern Province Health system and is planning to build a new hospital in Riyadh which will be worth SR 4 billion.
The event ‘Invest in Health’ will be held till Wednesday bringing together industry leaders and experts to discuss transformative investments. Al-Jalajel highlighted the kingdom’s leadership in regional healthcare investments which is in line with Vision 2030 strategy to diversify the economy and boost the healthcare sector.
The Private health insurance market has also been growing and ended 2023 with more than 12 million people insured by the end of 2023 as compared to 3 million in 2011. The market valued at SR 40 billion, is believed to hit double the figure by 2030.
Other than financial deals, numerous strategic partnerships were also announced in order to encourage research, innovation and development of healthcare professionals through partnerships between universities, healthcare institutions and the private sector. These initiatives are aimed at the country’s focus on digital solutions, artificial intelligence and innovation to solve global healthcare issues.
