Tibbiyah completes the acquisition of majority stake in innovative care company

Tibbiyah completes the acquisition of majority stake in innovative care company

- Innovative Care Company owns and operates ‘New You Medical Center’ a leading day surgery and medical center in the Kingdom specialized in bariatric Cosmetic and reconstructive surgeries with world class doctors and state of the art technology supported by its pharmacy services - ‘iPharma’.

- New You has a scalable business model with long term growth ambitions fitting Tibbiyah’s growth strategy for its Healthcare Service vertical

- The transaction represents Tibbiyah’s first major investment in the Healthcare Service vertical in line with its strategy to become a diversified healthcare holding company. It complements other strategic initiatives Tibbiyah drives to grow its Healthcare Services thru partnership in Laboratory and Radiology services.

Riyadh, KSA: Arabian International Healthcare Holding Company (“TIBBIYAH” or the “Company”) listed on the Saudi Exchange Nomu Market under Symbol TIBBIYAH/9530 and ISIN: SA15H194KT19, a leading integrated healthcare solutions provider in Saudi Arabia, has completed the acquisition of a 51% stake in Innovative Care Company for up to SAR 213.5 million (please refer to the earn-out scheme described below).

Established in Riyadh in 2016 by Professor Aayed Alqahtani, an international leader in bariatric surgeries, the New You Medical Center operates in a single building comprising of eight specialized medical units employing world-class doctors