Rising demand for healthcare services in Saudi Arabia and government initiatives to boost public-private partnerships are set to create significant investment opportunities in the country.
As the kingdom’s young population ages, people between the age of 40 and 59 will increase 1.5 times by 2035, creating the need for additional healthcare facilities in the country, according to a report by Knight Frank. A gradual increase in healthcare coverage will also spur demand.
“Over the next decade, population dynamics are forecast to shift with a significant increase in the population over 40,” Gireesh Kumar, senior manager of healthcare at Knight Frank, said. “This indicates an expected increase in the burden of lifestyle diseases and the associated co-morbidities which would trigger an upsurge in demand for highly specialised medical and surgical care in the Kingdom.”
As part of the kingdom’s push for economic reform, the government's National Transformation Plan has prioritized the healthcare sector on a fast-track towards privatization, offering new opportunities for existing operators and new investors. London-listed NMC Health, the UAE’s biggest healthcare provider by market value, is planning acquisitions worth up to $800 million (Dh2.9bn) this year and looking for growth opportunities in Saudi Arabia among the other Gulf markets.
The country’s population over the age of 60 will increase more than three-fold by 2035, thereby increasing demand for health services and broader specialist care.
The kingdom will require an additional 5,000 hospital beds by 2020 and 20,000 beds by 2035 to meet the expected population growth, according to the report. The gap between forecasted demand as the population ages and the necessary healthcare facilities creates opportunities for investment in additional facilities.
Saudi Arabia faced a shortage of 14,000 hospital beds in 2016 and this is expected to widen to 40,000 by 2035, the report said.
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The biggest opportunities for healthcare investments lies in the kingdom’s holy cities and economic zones, where facilities are lower than the national average and significantly below the global average, according to Knight Frank’s study.
Investing in upgrades to healthcare facilities in the holy cities, coupled with the relaxation of visa requirements, could unlock opportunities for medical tourism as pilgrims pour in for Hajj and Ummrah.
“Assuming adequate infrastructure is in place, these cities are uniquely positioned to cater to the spiritual and medical requirements of the population,” the report said. “This would appeal to a significant number of Muslims who would consider benefiting from spirituality and holiness of these cities whilst being treated.”
Saudi Arabia's government has taken several initiatives to reshape the healthcare sector with regulations that encourage private sector investment.
As in other GCC states, the government has also rolled out mandatory health insurance to private sector employees and their dependents in the kingdom, which will boost demand for healthcare services, the report said.
The National Transformation Plan has set out targets for the healthcare sector to meet by 2020 including increasing private healthcare expenditure from 25 per cent to 35 per cent of total healthcare expenditure.
The allocated budget for healthcare under the plan stands at 23 billion riyals, of the total 268bn riyals by 2020, which is the fourth largest area of spending under the plan.
Healthcare remains the third largest area of government spending following military and education, accounting for 15 per cent of total expenditures in the 2018 budget.
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Killing of Qassem Suleimani
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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Famous left-handers
- Marie Curie
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- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Killing of Qassem Suleimani
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Company%20Profile
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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RESULTS
2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)
2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi
3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne
4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi
4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi
COMPANY%20PROFILE
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