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UAE-based Burjeel Holdings said on Wednesday that it will expand into Saudi Arabia.
The announcement comes ahead of the company's planned IPO in Abu Dhabi this year, in which Burjeel is reportedly looking to raise at least $750 million.
The medical services provider has signed a memorandum of understanding (MoU) with Saudi Arabia's Ministry of Investment to collaborate with the institutes and healthcare organisations in the kingdom and invest up to $1 billion by 2030.
Burjeel, which operates 39 hospitals and medical centres, will explore joint ventures and public-private partnerships (PPP), according to a statement.
The plan is to develop a healthcare network and explore innovation in areas of cancer prevention, screening and therapy.
"[The company] will seek investment opportunities... to establish and expand various healthcare offerings across KSA, including an industry-leading healthcare network that will include specialty medical centres, day surgery capability, digital health ventures, comprehensive super specialty hospitals and clinical research program," the statement said.
The company is already in discussions with various private sector providers and public sector hospitals for the Saudi expansion, and it expects to begin formalising collaboration agreements over the coming months.
The company recorded more than AED3.3 billion ($898 million) in revenue for the full year 2021, representing an 18% compound annual growth rate over the three-year period 2019-2021.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
