Tibbiyah buys 51% stake in Saudi medical rival Innovative Care for $57m

RIYADH: Arabian International Healthcare Holding Co. has completed the acquisition of an SR214 million ($57 million) stake in Saudi medical rival Innovative Care Co.

Known as Tibbiyah, the company now holds a 51 percent stake in Riyadh-based Innovative Care, which operates New You Medical Center, according to a bourse filing.

Established in 2016, New You is a center specializing in cosmetic and reconstructive surgeries, supported by its pharmacy services provider iPharma.

“The acquisition is in line with our strategy to diversify Tibbiyah’s portfolio by adding exposure to the specialized private healthcare services sector,” said Tibbiyah’s CEO, Alaa Ahmad Ameen.

Aayed Alqahtani, the owner of New You, added: “Tibbiyah, established by Al Faisaliah Group as a healthcare industry expert, combined with their financial and technical support, make them the ideal partner to shoulder our long-term growth ambitions.”