Olayan Financial Company (OFC), represented by Olayan Saudi Holding Company (OSHCO), and Vamed Group, the Austria-headquartered healthcare provider, have partnered to open a new rehabilitation and long-term care hospital in Saudi Arabia with 150-bed capacity.
The facility will provide inpatients and outpatients advanced medical and non-medical services to insured patients, government-referred patients and patients who pay cash.
The facility is the first of several planned as part of OSHCO’s strategy to expand its healthcare investment portfolio, and will begin operations in Riyadh in the second quarter of 2024 and offer rehabilitation and post-acute long-term care.
The announcement follows the establishment of a medical investment partnership between Olayan Saudi Holding Company and Vamed Group in February.
As part of the alliance, OSHCO and Vamed will jointly establish, operate and manage hospitals in the Eastern and Western Regions of Saudi Arabia and various cities in the GCC/Middle East.
Olayan Saudi Holding Company shares its investment strategy
Engineer Uwaidh Alharthey, chief executive officer of Olayan Saudi Holding Company, said: “We are pleased to announce a new major milestone on our growth journey as we endeavor to open our first rehabilitation and long-term care hospital in Riyadh in partnership with Vamed Group.
“The healthcare sector in Saudi Arabia and the wider region offers promising opportunities, with demand for quality healthcare increasing significantly, and therefore, it is a key focus area for OSHCO as we continue to fulfill our objectives as part of Olayan Financing Company’s investment strategy.
“We have several hospitals in the pipeline to address this gap and maximise opportunities while also contributing to the objectives of the Health Sector Transformation Program of Saudi Vision 2030 and supporting the Ministry of Health’s Vision 2023 that encourages the private sector to invest, build and take over rehabilitation and post-acute long-term care centers and hospitals in the kingdom.”
Dr Thair Salim, VP of Health & Personal Care of Olayan Saudi Holding Company, commented: “Saudi Arabia’s ongoing efforts to build a comprehensive, effective, and integrated health system has a huge focus on long-term medical care and rehabilitation.
“In alignment with this, our new hospital will leverage OSHCO’s unparalleled local market knowledge and Vamed’s international expertise to provide exceptional patient experiences and high-quality services for people with chronic illnesses or disabilities to help meet their medical and non-medical needs.
“We are committed to furthering this strategic partnership to transfer knowledge and best global practices to the kingdom, develop innovative services, and play a leading role in the development of the local and regional healthcare sector.”
75 years and counting
The Olayan Group celebrated its 75th anniversary last year, and the company honoured its founder the late Suliman S Olayan’s legacy through a year-long campaign under the theme – “Ever Forward for Future Generations”.
A key component of the milestone anniversary year included a series of initiatives encompassing four key pillars: education, health, environment and culture.
For the healthcare pillar, OFC chose to support ophthalmic causes based on the significant impact these have on the quality of life of patients and their families.
More than 400 babies go blind every year due to misdiagnosis and lack of access to preventative screening.
To help reduce its incidence, the company teamed up with King Khaled Eye Specialist Hospital to contribute 12 high-tech ret-cam digital cameras.
The advanced devices are being deployed at Ministry of Health centers across the kingdom to support the Retinopathy of Prematurity National Program.