Abeer Medical Group eyes Saudi stock market debut in 5 yrs: Chairman

Mohammed Alungal, Chairman of Abeer Medical Group

Abeer Medical Group’s Chairman Mohammed Alungal unveiled the company’s plan to list on the Saudi stock market in the next five years.

Speaking to Argaam on the sidelines of the 2024 Global Health Exhibition, Alungal said the group, founded in 1999 and based in Jeddah, currently operates 22 clinics, pharmacies, and optical stores.

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Abeer Group aims to expand to 60 clinics and build five new hospitals, according to the top executive.

The group’s existing hospitals include Saudi National Hospital in Makkah; Hassan Ghazzawi Hospital in Jeddah, and Al-Jafel Hospital in Riyadh. Some new hospitals are set to open in Riyadh, Jazan, Al-Ahsa, and Jeddah.

Abeer Group has also acquired Samir Saeedi Hospital in Yanbu. The 150-bed facility is currently gearing up for opening by the end of December 2024, he added.

Alungal also noted a SAR 550 million partnership with Gulf Islamic Investments (GII) to drive a five-year expansion in the Saudi healthcare sector through SAR 1 billion in investments, focusing on multispecialty clinics, hospitals, and rehabilitation centers.

Abeer Group, according to the top executive, boasts a sound position in the low-cost health insurance market. With no comparable industry-specific clinic chains, Abeer Group plans to boost its market share by offering affordable services across Saudi Arabia.

Despite market challenges, privatization presents growth opportunities, Alungal said, noting the Kingdom's attractiveness for healthcare investments, supported by government initiatives and significant sector developments.