Fakeeh Care to finalize Mohammad Alfagih takeover next month

Ayman Asaad Abdu Senior Vice President of Fakeeh Care Group

Ayman Asaad Abdu, Senior Vice President of  Fakeeh Care Group, said the group expects to finalize the acquisition of Dr. Mohammed bin Rashid Alfagih & Partners Co. next month after completing the remaining final procedures.

He noted that most of the conditions precedent and due diligence procedures have already been fulfilled.

Speaking to Argaam, Abdo said that approximately 80% of the SAR 2.2 billion credit facilities signed with Saudi National Bank (SNB) and Saudi Awwal Bank (SAB) have been allocated to finance the acquisition.

Meanwhile, the remaining financing will be used to support the hospital's capital investments, including medical equipment, recruitment of medical professionals, and the development of technology systems, he added.

Abdo also noted that the group enjoys a strong liquidity position and financial standing, enabling it to finance its expansion projects. “We plan to open three major healthcare centers during the current year, including two centers in Jeddah and one in the Al-Awali district of Makkah, which will include between 100 and 200 clinics, in addition to endoscopy services and day-surgery facilities,” he continued.

The geographic expansion represents one of the group's priorities during 2026. The group’s capacity has increased from 400 beds five years ago to 840 beds currently. Upon completion of the acquisition, the group will add 350 beds in Riyadh, increasing its total capacity to approximately 1,190 beds, while strengthening its presence in Riyadh, Jeddah, Makkah, and Madinah, according to Abdo.

He also said that the group is implementing a hospital and medical center project in Jazan after signing a land lease agreement with the regional municipality. He added that the group also owns a hospital in Dubai that is outside the scope of the listed company.

Moreover, the group's expansion plans also include transforming its existing health colleges into a university, opening new colleges in Riyadh, Madinah, and Jazan, establishing innovation and clinical research centers, launching the Center of Excellence and Innovation, and obtaining accreditation to conduct clinical studies related to pharmaceutical trials, said the official.

As per Argaam’s data, Fakeeh Care signed on May 5 a binding share purchase agreement with shareholders of Dr. Mohammed bin Rashid Alfagih & Partners Co. to acquire 100% of the latter's share capital for SAR 1.6 billion.

Last month, the company obtained the General Authority for Competition’s (GAC) approval on the deal. Fakeeh Care signed, on June 28, two Shariah-compliant credit facility agreements worth a combined SAR 2.2 billion with SNB and SAB to finance the group-wide expansion and growth plans.