Arabian International Healthcare Holding Co., also known as Tibbiyah, has bought a 51 percent stake in a rival medical company Innovative Care for $57 million.
Riyadh-based Innovative Care operates New You Medical Center.
Established in 2016, New You is a center specializing in cosmetic and reconstructive surgeries, supported by its pharmacy services provider iPharma.
Its CEO, Alaa Ahmad Amee, said: “The acquisition is in line with our strategy to diversify Tibbiyah’s portfolio by adding exposure to the specialized private healthcare services sector.”
Aayed Alqahtani, the owner of New You, added: “Tibbiyah, established by Al Faisaliah Group as a healthcare industry expert, combined with their financial and technical support, make them the ideal partner to shoulder our long-term growth ambitions.”