Manama: Abdulla Fouad Group and its partner Dividend Gate Capital Group (“DGC”) announced the acquisition of a majority stake of Al-Hokama Eye Specialist Center, a unique center in the Kingdom of Saudi Arabia due to its breadth of expertise in delicate eye specialties.
Al-Hokama Eye Specialist Center was established in 2009 and is accredited by the Joint Commission International ("JCI") for the Quality of Health Services, which is the largest accreditation body for health care institutions in the USA. The Kingdom of Saudi Arabia has recognized the significance of this sector. The health sector ranks second in the Kingdom after the educational sector in terms of the volume of expenditures in the general budget. This is especially considering this sector among the Kingdom's interests in achieving Vision 2030.
Mr. Faisal Bin Abdulla Fouad Bubshait, Chairman of the Board of Directors of Abdulla Fouad Group, said: "The acquisition is in line with our vision and strategy to expand and diversify the group’s activities and investment portfolio, thereby focusing on strengthening its position as a strong economic pillar serving the national economy and effectively contributing to achieving Saudi Vision 2030."
Commenting, Mr. Khaled Al Hammadi, CEO of Dividend Gate Capital Group said, “We are pleased to announce the acquisition of this prime eye specialist center as a part of DGC’s ongoing expansion in the Kingdom of Saudi Arabia, providing us with direct access to the health sector and the local market in the Kingdom”.
He added: "This investment is a part of a strategic vision and plan of diversifying our portfolio and expanding our regional presence by partnering and acquiring leading and reputable companies in the Saudi market. It will also add significance to the groups portfolio and operational experience in the health sector of the Kingdom."
Dr. Ahmed bin Abdul Razzaq Al Saleh, Managing Director, and General Manager of Al-Hokama Eye Center, said, “With the support of Abdulla Fouad Group and Dividend Gate Capital Group, we believe in the strength of our ability to achieve further growth and expansion in Al-Hokama Eye Center and implement our clear joint expansion plan in KSA. Over the past 13 years, we have successfully expanded the center and the base of the medical staff, and we are confident that we will continue to provide the highest quality services in the center.” He added: “We look forward to maximizing value through our strategic partners.”
It is noteworthy that Dr. Ahmed bin Abdul-Razzaq Al-Saleh was the Managing Director, General Manager and Consultant Ophthalmologist at Al-Hokama Eye Specialist Center (Assistant Professor at King Saud University, previously). He holds postgraduate degrees from the College of Medicine, King Saud University in Riyadh and a member of more than 11 professional and membership associations within Saudi Arabia and Europe. His medical practical experience exceeds 20 years.
About "Abdulla Fouad Group":
As one of Saudi Arabia’s earliest and most celebrated success stories, Abdulla Fouad Group (AFG) is a dynamic and diversified business group that continues to play a pivotal role in the Kingdom’s progress for the past 75 years to this day, expanding into new industries, pioneering many products and services along the way. It is well known for excellence across its business units, serving the Oil & Gas, Energy, Healthcare, Information Technology, Consumer, and Construction sectors.
About “Dividend Gate Capital”:
Dividend Gate Capital has skills in several business sectors. During a short period, the group demonstrated the success of the unique approach it followed in managing its companies by encouraging growth in the key economic sectors. This contributed to strengthening its leading position within the markets as well as through its initiative to create strategic partnerships with prestigious institutions. The group continuously seeks to conclude innovative deals in defensive sectors such as the health sector.