Global Health Exhibition 2024 Kicks off with SAR50 Billion Investments

    Riyadh, October 21, 2024, SPA -- The seventh edition of the Global Health Exhibition commenced under the slogan "Invest in Health" at the Riyadh Exhibition and Convention Centre in Malham, north of Riyadh. The event was held under the auspices of the Ministry of Health, supported by the Health Sector Transformation Program, and organized by Tahaluf, a joint venture between Informa PLC, the Saudi Arabian Federation for Cybersecurity, Programming, and Drones (SAFCSP), and the Event Investment Fund (EIF) from October 21 to 23.
   At the opening ceremony, Minister of Health Fahad Al-Jalajel delivered a speech in which he highlighted the significance of health transformation in the sector. He stated, "Our goal is for the Kingdom of Saudi Arabia to serve as a hub for addressing the current and future major global challenges by establishing a unified government approach under Vision 2030, in accordance with the principle of health in all policies. This will be achieved by fostering the development of procedures that support investment in innovation, constructing a health system that leverages the power of digital solutions and artificial intelligence, developing a local health workforce, and attracting the best talents from around the world. These are the motivations that drive us to advance our health transformation with practical steps and concrete actions."
   He added, "Today, we are proud that the World Health Organization (WHO) has recognized the Kingdom of Saudi Arabia's food products as being free of trans fats, placing the Kingdom at the forefront among countries receiving this recognition. The WHO also announced that the Kingdom, represented by the Saudi Food and Drug Authority (SFDA), is the first country in the region to achieve the fourth maturity level in the regulation of medicines and vaccines, which is the highest level in the organization's classification."
   Al-Jalajel also mentioned the expansion of Saudi Board Programs to 170 health programs, which have now been adopted by 3,000 international practitioners.
   He highlighted investment opportunities in the health sector, stating, "Investment opportunities are growing, especially since the Kingdom has the highest regional investments in healthcare. The largest Initial Public Offering (IPO) in the Saudi market this year was for Fakeeh Care Group, following the IPO of Dr. Sulaiman Al-Habib Medical Group (HMG), which was among the largest at that time. This makes the health sector the fastest-growing in the Saudi market."
   Regarding the private health insurance sector, Al-Jalajel noted, "The private health insurance sector is witnessing significant growth. In 2011, there were only 3 million insured individuals, but by the end of 2023, that number had risen to over 12 million, with a market size of SAR 40 billion. It is expected to double by 2030."
   He also announced the launch of the second generation of Taakkad Centers and the digital twin, which will be part of the Sehhaty application. Additionally, he mentioned that the Seha Virtual Hospital has been registered in the Guinness Book of Records as the largest virtual health hospital in the world, and that several distinguished global medical talents have been granted premium residency opportunities.
   The exhibition announced projects valued at over SAR 50 billion, including several key initiatives. Among the most prominent was the announcement of a SAR 4 billion pharmaceutical manufacturing deal among NUPCO, Novo Nordisk, and Sanofi. Other major projects included SAR 5 billion expansions at Fakeeh Care Group, the establishment of five primary care centers and two hospitals by Almoosa Health Group valued at SAR 3 billion, the acquisition of Al-Salam and Al-Ahsa hospitals in the Eastern Province by Dallah Health, with a total bed capacity of 749 beds, and the construction of Dallah Hospital in Riyadh with a capacity of 250 beds and the potential for expansion, valued at SAR 4 billion, among other announcements.
   On the sidelines of the exhibition, several agreements and partnerships were signed, including a partnership between the Council of Health Insurance and Alfaisal University, a memorandum of understanding (MoU) between Imam Abdulrahman Bin Faisal University and the National Institute for Health and Care Research, and an MoU between the Ministry of Health, represented by the Agency of Engineering Affairs and Supply, and the National Center for Vegetation Development and Combating Desertification. Other agreements included an MoU between the Ministry of Health, represented by the National Health Center for Command and Control, and the Ministerial Committee of Traffic Safety, a cooperation agreement between Lean Business Services and Elm, and a cooperation agreement between the Public Health Authority (Weqaya) and King Faisal Specialist Hospital and Research Centre, among many others.
   --SPA