Saudia said to reach deal on selling medical services unit

03/05/2017 Argaam

Saudi Arabian Airlines (Saudia) is in the process of selling its medical business, Saudia Medical Services, as part of its plan to reduce non-core assets, Reuters reported on Wednesday, citing sources close to the matter.

 

Jadwa Investment, the financial adviser for the privatization of the medical unit, has reached an agreement with potential buyers on the Jeddah-based medical services provider, valued at nearly $500 million.

 

The deal could be completed by the third quarter, the sources added.

 

Saudia Medical Services provides outpatient services for the national airline and several others of its group companies.

 

The state-owned carrier had earlier privatized several units including Saudi Airlines Catering, Saudi Ground Services, Saudi Airlines Cargo, and Saudia Private Aviation.

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