London-listed NMC Healthcare said to buy Saudi’s Saad Specialist Hospital

Saad Specialist Hospital in Khobar, which has been struggling financially, may be taken over by UAE-based NMC Healthcare, Reuters reported, citing unnamed sources.

London-listed NMC is currently in talks with the Riyadh government regarding the takeover, it was reported.

Saad Specialist Hospital is one of the top cancer treatment facilities operating in the Gulf.

As part of Saudi Vision 2030 economic reforms led Crown Prince Mohammed, the Kingdom has said it plans to bring foreign investors to privatize the healthcare sector to ease dependence on oil revenue. 

The health ministry has reportedly asked interested companies to submit bids for the operational license by the end of this month. UAE-based NMC is involved in the process and is considered a frontrunner to win the contract, the sources told Reuters.

Saad Hospital has 750 beds and is owned by Saad Group, a conglomerate owned by billionaire Maan al-Sanea, which also operated the facility.

The hospital had reportedly stopped ceased operating— with the emergency room the last unit of the facility to close last month— due to piling debts, which meant it was unable to pay salaries or contractors, sources told the news agency.