26 July 2022
Unilabs and Tibbiyah Sign a Joint Venture Agreement in the Kingdom of Saudi Arabia
Riyad, 26 July 2022: Unilabs, the leading diagnostic services provider, and Tibbiyah, a leading integrated healthcare solutions provider in the Kingdom of Saudi Arabia, have signed today a joint venture agreement in the KSA. Owned 51% by Unilabs – 49% by Tibbiyah, the new entity registered as Saudi European Diagnostics Company (“SEDC”) will provide diagnostic imaging services to hospitals, medical centres, and clinics. It will also invest, operate, manage, and maintain departments or divisions of hospitals, medical centres, and clinics specialising in diagnostic imaging services in the public and private sectors.
“We are proud to have joined forces with TIBBIYAH, which has a long history and great achievements in the KSA Healthcare sector. Our vision from this partnership is to use the unique capabilities of both companies to better serve the patients and clients, maintain the highest quality standards and continuously introduce new services and medical technology to the Kingdom’s Healthcare Sector. says Unilabs' CEO Michiel Boehmer. “Moreover, joining our new partner at Arabian International Healthcare Holding Company (“TIBBIYAH”) to expand the availability of diagnostics and radiology healthcare services in KSA is another tremendous milestone achieved by UNILABS, as such joint venture with TIBBIYAH helps fulfil the mission of UNILABS by ensuring the long-term sustainability of high-quality health and diagnostics services in the communities we serve.”
Tibbiyah’s CEO Mr. Alaa Ameen states: “We are delighted to announce this signing of Tibbiyah-Unilabs Joint venture Agreement and believe it will strengthen TIBBIYAH’s strong position in the KSA healthcare market and reinforce its status as a leading diversified healthcare company. The establishment of SEDC constitutes our entry with our partner UNILABS DIAGNOSTICS AB in the Kingdom of Saudi Arabia for the investment, operation, management and maintenance of diagnostic imaging centers for public and private customers.” This partnership combines the expertise and experience of two high-quality Healthcare providers, creating new opportunities to further develop and expand our healthcare services in the Kingdom, and delivers TIBBIYAH strategy to enter into attractive healthcare market segments that have strong fundamentals conducive to growth and as one of the main players in the Kingdom Healthcare Sector.”
The definitive Joint Venture Agreement is subject to some pre-closing conditions, including, without limitation, obtaining the approval of the General Authority for Competition as well as other conditions of a regulatory and commercial nature.