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Fakeeh Care Group’s journey began in 1978G with the vision of Dr. Soliman Fakeeh, a well-known physician, who founded the first private hospital in Jeddah.
Since then, Fakeeh Care Group has grown to become a trusted name in healthcare, with a network of tertiary-level hospitals and medical centers across Jeddah Riyadh and NEOM, with a new hospital in Madinah opening 2024G. The Group also includes a medical college and a portfolio of healthcare support services. The Group’s integrated academic health care model includes:
4 hospitals with 835 beds (3 owned and NEOM Hospital through an operating model and DSFH Madinah).
5 medical centers (including NEOM Advanced Medical Center that is operated by the Group).
1 medical college.
1.5 million patients treated in 2023G (vs. 1.2 million in 2020G).
c. 1,800 students enrolled at the medical college as of September 2023G.
The Group’s flagship hospital, DSFH Jeddah, has pioneered clinical excellence in Saudi Arabia:
1st private hospital in the Kingdom to perform a successful in-vitro-fertilization, to perform a renal transplant, to become JCI accredited and to offer Robotic Surgeries.
1st private Hospital in the Western Region to perform a heart transplant and to offer Pet-CT and Spect-CT services.
For the last three years, DSFH Hospital Jeddah has been ranked as Saudi Arabia’s best private hospital by Newsweek Magazine, affirming the quality of care and patient experience.
Operating in KSA’s Large and Fast-Growing Healthcare Market
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Saudi Arabia healthcare expenditure is expected to reach circa SAR 324 billion by 2030G, driven by the public and private sectors.
In 2023G, the government allocated SAR 189 billion to the health and social development sector, while general local government spending on health represented about 70% of total health care spending in 2019G.
The private healthcare sector is growing due to economic expansion, regulatory focus on increasing health insurance coverage, positive demographics, government privatization efforts, and improved demand for premium services.
Private sector spending is expected to rise from SAR 68 billion in 2022G to SAR 113 billion by 2030G.
Saudi Arabia has the largest population in the GCC. It is growing with an expanding middle age and elderly age bracket – which naturally translates into higher demand on healthcare infrastructure.
There are 36.4 million people in Saudi Arabia, with a compound annual growth rate of 1.3% expected for 2022G-2030G.
The Kingdom’s population is expected to reach around 40 million by 2030, with about 35% of those in the middle-age and elderly groups.
Vision 2030’s Health Sector Transformation Program is increasing awareness of the importance of health and treating illness, and is expected to improve access to services, leading to increased healthcare outreach in Tier II cities and areas where health services are not sufficiently deployed.
High per capita affordability coupled with growing insurance penetration, driven by mandatory insurance policies, will further support demand.
GDP per capita is around SAR 129,000 in Saudi Arabia and is expected to grow at 2% CAGR between 2022G and 2030G, to c. SAR 150,000.
Council of Health targets to cover c.22 million people (54%) in Saudi Arabia with insurance by 2030G, which will significantly drive healthcare consumption.
Efficient and Integrated ‘Hub and Spoke’ Model
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Fakeeh Care Group has built a care model where it is able to add value across the patient journey. This model has been refined by Fakeeh Care over several decades.
It is a one-stop care provider, ensuring patients can come to the Group trusting that whatever the diagnosis and treatment, Fakeeh Care can stand with them throughout the entire journey.
The Group’s offering ensures it seamlessly allows patients to move within its ecosystem, serving their different needs from primary, secondary, tertiary to home health and rehabilitation.
Fakeeh Care Group’s hub and spoke model involves a main hospital providing comprehensive tertiary-level services, while clinics and smaller facilities support with everyday healthcare needs. This approach ensures patients are cared for seamlessly throughout their journey with Fakeeh Care Group.
Unwavering Dedication to Academic Healthcare
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Since its establishment in 2003G, Fakeeh College for Medical Science has been dedicated to producing highly skilled Saudi health professionals across the Fakeeh Care Group network.
It offers a range of educational programs, with 14 courses and with c. 1,800 students enrolled as of September 2023G. FCMS also offers more than 20 residency and fellowship programs.
It has key partnerships with leading institutes around the world, including University of Dundee, University of Jeddah, and King Abdulaziz University.
Around 150 doctors are being trained at Dr. Soliman Fakeeh Hospital Jeddah through residencies and fellowships, making it the largest such program in the private sector.
After 20 years of successfully training healthcare professionals, Fakeeh College for Medical Sciences will continue contributing to Fakeeh Care Group’s highly experienced workforce of qualified medical professionals who remain loyal to the FCG brand and dedicated to providing the highest level of care.
Proprietary Technology for Seamless Care Delivery
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Fakeeh Care Group’s cutting edge proprietary digital tools streamline complex processes and attract leading healthcare professionals, ensuring patients receive excellent care and an enhanced customer experience.
‘YASASII’ is the Group’s state-of-the-art proprietary Healthcare Information System (“HIS”). It ensures round-the-clock, efficient functioning of all departments by integrating clinical, financial, and administrative data. This system is not only used by Fakeeh Care Group – it is also licensed to other healthcare operators in the Kingdom.
The Fakeeh Care mobile application is a centralized app for patients and staff. As well as streamlining patient engagement, it provides a channel for tele-consultation.
Strong Growth Profile with Robust Financials
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Between 2020G and 2023G, Fakeeh Care Group’s revenues grew by 10.8% on a CAGR basis to reach SAR 2.3 billion from SAR 1.7 billion.
This growth is primarily driven by the core business offering and the Group’s strong partnerships with insurance companies.
The growth also demonstrates an ability to differentiate and deliver high quality tertiary care focusing on complex surgeries and intensive care cases.
This can be seen in Fakeeh Care Group’s best in class revenue per operational bed ratio, which is close to SAR 2 million per bed.
EBITDA for FY2023G amounted to SAR 526 million, increasing by 1.9% year on year. Adjusted EBITDA (excluding the Riyadh hospital, which was acquired on October 29th, 2022G) reached SAR 639 million, up 20.3% year on year, with a 28.3% margin.
Net profit for FY2023G was SAR 232 million. Adjusted net profit (excluding the Riyadh hospital) for FY2023G was SAR 414 million, up 15.3% year on year, with a robust 18.3% profit margin.
Net profit attributable to the owners of the company was SAR 280 million, down 14.3% from SAR 326 million in FY2022G. Profit for the year attributable to the owners of the company (adjusted for the Riyadh hospital) amounted to SAR 390 million, up 13.5% year on year.
Clearly Identified Levers for Growth
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Fakeeh Care Group has a clear growth strategy, with a plan to add around 840 hospital beds by 2028G (in addition to the 200-bed DSFH Madinah, which is opening in 2024G), resulting in 7 hospitals with 1,675 beds and 9 medical centers.
The Group has secured multiple plots of land, with plots of land being acquired in Jeddah and Riyadh, and lease agreements signed in Makkah.
The Group sees significant growth opportunities by expanding its healthcare services offering by adding new capacity in different cities. Key developments include:
Jeddah - Continue enhancing the Group’s market leadership in Jeddah by:
Adding a 140-bed Surgical Tower to the Dr. Soliman Fakeeh Hospital campus.
Increasing footprint in North Jeddah, with additional inpatient and outpatient capacity by building a 300-bed hospital in South Obhur and a medical center in North Obhur.
Building a jumbo medical center with over 60 examination rooms in Central Jeddah.
Building a new 200-bed Post Acute Care facility in Al Hamra.
Riyadh - The Group will replicate its hub-and-spoke model by:
Adding three strategically located medical centers, including the medical center to be developed in Al-Hamra district.
Makkah and Madinah:
In 2024G, Dr. Soliman Fakeeh Hospital Madinah will become operational with a 200-bed tertiary care hospital.
A state of the art 200-bed hospital in Makkah, as part of Masar Makkah development project, to be backed by the modern medical centre in Al-Awali district.
The Group intends to expand and enhance its educational offering by expanding its existing and creating a new campus in Jeddah:
Increase intake across its existing medical courses by approximately 2.5 times by 2030G.
Add new programs including Business, Technology, and Innovation, targeting more than 2,000 students by 2030G.
The Group expect FCMS to achieve university status as a result of these initiatives.
The Group intends to leverage its successful partnerships with the public sector.
It manages and operates a 50-bed NEOM Hospital and the Advanced Medical Center in NEOM – both of these are first of their kind.
It continues to leverage previous relationships to secure additional partnerships.
Proven Management Team with Skilled Professionals
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The Fakeeh Care Group board and management team have a deep understanding of the healthcare sector and Saudi market, with a strong-track record of clinical excellence.
The Group has established a new Employee Share Program, which aims to provide incentives to the Group's key employees to attract and retain them in order to achieve the Group’s objectives and strategy.
The Fakeeh Care brand is dedicated to fostering a healthy and appealing environment, fully devoted to supporting the careers of its employees. The Group is committed to helping employees on their journeys to achieve operational excellence and growth.
