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Tibbiyah buys stake in rival firm

Tibbiyah now holds a 51 percent stake in Riyadh-based Innovative Care.
By TRENDS Desk
August 30, 2022 2:18 pm
  • Innovative Care, the Riyadh-based medical firm, operates New You Medical Center
  • New You, set up in 2016, is a center specializing in cosmetic and reconstructive surgeries, supported by its pharmacy services provider iPharma

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.”

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