Saudi Arabia’s Fakeeh Care considers selling 30% stake through IPO

The Saudi family-owned business Fakeeh Care, one of the private hospital groups, is considering selling a 30% stake through an initial public offering (IPO), according to media reports.

The step came in line with Saudi Arabia’s directives to diversify its economy and advise family-owned businesses to be listed on the bourse.

The family-owned business that has hospitals in Jeddah and Riyadh, has appointed HSBC to advise on the deal, Reuters reported. The group opened its first hospital in 1978. Fakeeh Care has a total bed capacity of over 1,400 with over 1,000 doctors and 2,000 nurses.

The Saudi Exchange has recently witnessed a rise in the number of companies that are registered on its list, including hospital group Dr Sulaiman Al Habib, pharmaceutical group Al Nahdi Medical Co, and generic drugmaker Jamjoom Pharmaceuticals Factory Co.

The country has so far earmarked US $50.4 billion in its 2030 budget for the health and social development sector.

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