Arabian International Healthcare Holding Co. Announces the signing of a definitive Joint Venture Agreement with UNILABS DIAGNOSTICS AB to establish a Limited Liability Company owned 51% by UNILABS – 49% by TIBBIYAH in the Kingdom of Saudi Arabia.
|Announcement Detail||Arabian International Healthcare Holding Company (“TIBBIYAH”) listed on the Saudi Exchange Market (“Nomu”) under (SYMBOL: TIBBIYAH/9530) (ISIN:SA15H194KT19), a leading integrated healthcare solutions provider in the Kingdom, today announced that it has entered into a definitive Joint Venture Agreement to cooperate with UNILABS DIAGNOSTICS AB in the formation and operation of a limited liability company to be called Saudi European Diagnostics Company (“SEDC”) in the Kingdom to be owned 51% by UNILABS – 49% by TIBBIYAH, to provide diagnostic imaging services to hospitals, medical centers and clinics and invest in, operate, manage and maintain departments or divisions of hospitals, medical centers and clinics specializing in diagnostic imaging services in the public and private sectors. |
The establishment of SEDC represents TIBBIYAH’s continuous investment in the healthcare services vertical, being a milestone that is in line with its strategy to become a diversified healthcare holding company. Eventually, with a compelling value creation proposition for TIBBIYAH and its shareholders, SEDC is expected to be value accretive, with a clear plan to grow the business generally and in diagnostic imaging services and radiology services particularly.
Unilabs is one of Europe’s leading diagnostics companies, offering a complete range of laboratory, pathology, and imaging services to patients across four continents. A leading digital champion covering the full diagnostic spectrum, Unilabs’ +14,200 people save lives every day. Unilabs invests heavily in technology, equipment, and people – using digital technologies in its state-of-the-art laboratories and imaging institutes to improve the lives of close to 100 million people every year.
Tibbiyah’s CEO Mr. Alaa Ameen states: “We are delighted to announce this signing of Tibbiyah-Unilabs Joint venture Agreement and believe it will strengthen TIBBIYAH’s strong position in the KSA healthcare market and reinforce its status as a leading diversified healthcare company. The establishment of SEDC constitutes our entry with our partner UNILABS DIAGNOSTICS AB in the Kingdom of Saudi Arabia for the investment, operation, management and maintenance of diagnostic imaging centers for public and private customers.” This partnership combines the expertise and experience of two high-quality Healthcare providers, creating new opportunities to further develop and expand our healthcare services in the Kingdom, and delivers TIBBIYAH strategy to enter into attractive healthcare market segments that have strong fundamentals conducive to growth and as one of the main players in the Kingdom Healthcare Sector.”
Unilabs’ CEO Michiel Boehmer states: “We are proud to have joined forces with TIBBIYAH, which has a long history and great achievements in the KSA Healthcare sector. Our vision from this partnership is to use the unique capabilities of both companies to better serve the patients and clients, maintain the highest quality standards and continuously introduce new services and medical technology to the Kingdom’s Healthcare Sector. Moreover, joining our new partner at Arabian International Healthcare Holding Company (“TIBBIYAH”) to expand the availability of diagnostics and radiology healthcare services in KSA is another tremendous milestone achieved by UNILABS, as such joint venture with TIBBIYAH helps fulfil the mission of UNILABS by ensuring the long-term sustainability of high-quality health and diagnostics services in the communities we serve.”
The definitive Joint Venture Agreement is subject to some pre-closing conditions, including, without limitation, obtaining the approval of the General Authority for Competition as well as other conditions of a regulatory and commercial nature.
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