Saudi Arabia’s Arabian International Healthcare Holding Company (TIBBIYAH) has announced a new joint venture (JV) with Swiss company Unilabs Diagnostics AB.

TIBBIYAH, listed on Saudi Arabia’s NOMU, said the JV, called Saudi European Diagnostics Company (SEDC) will be 51 percent owned by Unilabs, which operates in Europe, the Middle East and South America, and 49 percent by the Riyadh-based company.

It will provide diagnostic imaging services to hospitals, medical centres and clinics in the kingdom, as well as manage diagnostic departments in hospitals and clinics, the company said in a statement to the Saudi Stock Exchange, Tadawul.

TIBBIYAH said the establishment of SEDC is in line with its strategy to come a diversified healthcare holding company and grow its business in diagnostic imaging services and radiology services.

The joint venture agreement is subject to some closing conditions, the company said. 

(Writing by Imogen Lillywhite; editing by Brinda Darasha)