Global Health Exhibition Launches in Riyadh, Witnessing SAR 50 Billion in Investments on its First Day
RIYADH, Saudi Arabia, Oct. 21, 2024 /PRNewswire/ -- The seventh edition of the Global Health Exhibition has kicked off under the theme "Invest in Health" at the Riyadh International Convention and Exhibition Center in Mulham, north of Riyadh. The event is hosted under the patronage of the Ministry of Health, supported by the Health Sector Transformation Program, and organized by "Tahaluf" – a joint venture between the Saudi Federation for Cybersecurity, Programming, and Drones, Informa Global, and the Event Investment Fund. The exhibition will continue until October 23.
During the opening ceremony, the Minister of Health, His Excellency Fahd bin Abdulrahman Al-Jalajel, highlighted the impact of health transformation in the sector, stating: "We aim to position Saudi Arabia as a hub for addressing current and future global challenges, following a unified government approach under Vision 2030. This is based on the principle of 'health in all policies' by developing regulations that encourage investment in innovation, building a healthcare system that unleashes the power of digital solutions and artificial intelligence, and developing local healthcare talent while attracting the best minds from around the world. These efforts are driving us forward in our health transformation with concrete and measurable steps." He added, "Today, we are proud of the World Health Organization's recognition of Saudi Arabia's elimination of trans fats from food products, placing the Kingdom at the forefront of countries receiving this distinction. Additionally, the WHO has announced that Saudi Arabia, represented by the Saudi Food and Drug Authority, is the first country in the region to achieve the highest 'maturity level 4' in the regulation of medicines and vaccines."
Al-Jalajel also highlighted the expansion of the Saudi Board Program, which now offers 170 healthcare specialties, with 3,000 international practitioners enrolled. Speaking on investment opportunities, he said: "Investment in the healthcare sector continues to grow, with Saudi Arabia leading the region in healthcare investments. The largest public offering in the Saudi market this year was for Dr. Faqih Healthcare Group, preceded by the IPO of Dr. Sulaiman Al Habib Group, which was among the largest at the time, solidifying the healthcare sector as the fastest-growing in the Saudi market." He also noted the rapid growth of private health insurance, stating, "In 2011, only 3 million people had health insurance. By the end of 2023, that number had increased to over 12 million, with a market size of SAR 40 billion, expected to double by 2030." Al-Jalajel further announced the second generation of the "Takkad" centers, the digital twin feature within the "Sehhaty" app, as well as the inclusion of the Virtual Health Hospital in the Guinness World Records as the largest virtual hospital in the world. He also mentioned that exceptional international medical professionals have been granted the Premium Residency.
The Global Health Exhibition witnessed investments exceeding SAR 50 billion, including notable announcements such as a SAR 4 billion pharmaceutical manufacturing deal between NUPCO, Novo Nordisk, and Sanofi, a SAR 5 billion expansion in Faqih Medical Group, and the construction of five primary care centers and two hospitals by Al Mousa Healthcare at a value of SAR 3 billion. The exhibition also announced Dallah's acquisition of Al Salam Hospital and Al Ahsa Hospital in the Eastern Province, adding a total of 749 beds, and the construction of a new Dallah Hospital in Riyadh with a 250-bed capacity and potential for expansion, valued at SAR 4 billion.
On the sidelines of the exhibition, several agreements and partnerships were signed, including a partnership between the Council of Health Insurance and Alfaisal University, a memorandum of understanding between Imam Abdulrahman Bin Faisal University and the National Institute for Health Research, and an MoU between the Ministry of Health's Engineering and Supply Affairs Division and the National Center for Vegetation Cover and Combating Desertification. Additionally, MoUs were signed between the Ministry's National Health Command and Control Center and the Ministerial Committee for Traffic Safety, along with collaboration agreements between Lean Business Services and Elm, and between the Public Health Authority (Weqaya) and King Faisal Specialist Hospital and Research Center, among others.
The exhibition opened with five key platforms: the Leadership Summit, Health Transformation Exhibition, Digital Health Exhibition, Medical Excellence Exhibition, and Investors' Exhibition. Other highlights include the NUPCO Health Innovation Hackathon, the "Next Generation Vision" competition for startups, and several unique experiences such as 3D medical diagnostics, the Medical Escape Room Challenge, and sporting activities, with prizes exceeding SAR 2 million awarded to attendees throughout the event.
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