Al Baraka Group: Empowering Customers through Trade Finance Platform and Diversified Network
As part of its ongoing commitment to empowering its customers and supporting their expansion into global markets, Al Baraka Group has continued its efforts to support commercial businesses through a series of strategic initiatives that reflect the strength and diversity of its extensive network and broad geographic footprint.
Recently, the Group successfully organized two events under its Joint Trade Finance Collaboration Program among its banking units. The first session brought together exporters and importers from its units in Turkey and Algeria, while the second gathered counterparts from Egypt and South Africa. Senior leaders and trade experts from both sides participated in these bilateral sessions, offering a platform to discuss mutual opportunities and explore new areas of trade collaboration. These sessions enabled Al Baraka’s clients across these markets to access new partners and diversified trade opportunities, supporting their business expansion and enhancing cross-border trade activities.
In parallel, the Group held its second annual Trade Finance Units Meeting in Tunisia last May, with the participation of unit heads and executive management representatives from across its various units. This important gathering served as a key milestone to review the Group’s strong performance achieved in 2024, the first full year of activating the Group’s Joint Trade Finance Collaboration Program.
The meeting agenda focused on several key topics, all aimed at maximizing customer value and enhancing operational integration across the Group, and elevating services that deliver direct added value to clients. These included:
A review of joint transactions successfully executed during the year.
Discussing opportunities to enhance operational processes to boost efficiency and speed of trade transactions execution.
Presenting the latest updates on the Group’s unified Trade Finance Platform’s technical enhancements, offering seamless and flexible connectivity across units.
Exploring ways to further elevate the client experience and provide fast, diversified financing solutions.
On this occasion, Mr. Houssem Ben Haj Amor, Group Chief Executive Officer of Al Baraka Group, commented:
“These collective efforts reflect Al Baraka Group’s vision of transforming its diverse network into an integrated platform that enables clients to seamlessly access multiple markets, benefit from diversified and flexible financing solutions, and leverage the Group’s shared expertise and unified services to drive competitiveness and business growth.”
He added:
“Al Baraka Group remains fully committed to serving as a key enabler for businesses, exporters, and importers across its markets, offering advanced solutions and an integrated support network that aligns with our clients’ ambitions for expansion and growth in new markets.”
Armenia Announces Visa-Free Travel for GCC Nationals and Residents Starting July 1, 2025
Effective July 1, 2025, Armenia will introduce visa-free entry for citizens and residents of Gulf Cooperation Council (GCC) countries, as part of a strategic initiative to strengthen economic relations, boost tourism, and facilitate business opportunities between Armenia and the GCC member states.
This significant development aims to enhance Armenia’s attractiveness as an accessible and welcoming destination within the South Caucasus, particularly appealing to visitors from the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman.
The new visa free policy will apply to all passport holders from GCC member states, enabling travel for tourism, leisure, or business purposes without a visa for stays of up to 90 days within any 180-day period. Additionally, individuals holding valid residency permit issued by any of the GCC countries with at least 6 months of validity from the date of entry to Armenia, will also be eligible for visa-free entry, thereby broadening the accessibility for a substantial segment of the GCC expatriate communities.
Officials have highlighted the timeliness of this decision, noting the growing interest among GCC nationals and residents in exploring nearby destinations that offer authentic experiences, diverse culture, and natural beauty. With Armenia’s rich historical heritage, stunning landscapes, and vibrant culinary scene, the country is well-positioned to attract a growing number of travellers and business visitors from the Gulf region.
“This milestone reflects our dedication to making Armenia more accessible to regional travellers,” said Lusine Gevorgyan, Chairman of the Tourism Committee of the Ministry of Economy of the Republic of Armenia. “We look forward to welcoming more guests from the GCC who seek meaningful travel experiences – whether through our ancient monasteries, vibrant food scene, or immersive cultural festivals.”
The Tourism Committee of the Ministry of Economy of the Republic of Armenia anticipates that the visa waiver will further stimulate collaboration with the GCC. The initiative supports Armenia’s broader tourism strategy, which includes enhanced air connectivity, improved visitor infrastructure, and dynamic destination marketing across global markets.
Armenia previously introduced visa-free travel for UAE citizens in 2017, Qatar citizens in 2019 and Kuwait citizens in 2022 – successful moves that laid the foundation for this expanded regional visa policy.For more information on tourism in Armenia, visit https://armenia.travel/
asdaq Dubai Welcomes ICBC’s Multi-Currency Green Bond Listings Totalling USD 1.72 Billion
Nasdaq Dubai today welcomed the listing of three Green Bond issuances totaling USD 1.72 billion by Industrial and Commercial Bank of China Limited (ICBC). The bonds were issued under the bank’s USD 20 billion Global Medium Term Note Programme by its branches in Dubai (DIFC), Hong Kong, and Singapore.
The listings include:
ICBC Hong Kong Branch: USD 1,000,000,000 Floating Rate Notes due 2028
ICBC Singapore Branch: USD 300,000,000 4.125% Notes due 2028
ICBC Dubai (DIFC) Branch: CNH 3,000,000,000 2.00% Notes due 2028
These issuances further strengthened ICBC’s position as the leading Chinese issuer, as well as the leading RMB denominated bond issuer on the exchange.
To commemorate the successful listing, His Excellency Zhang Yiming, Ambassador of the People’s Republic of China to the UAE rang the bell at the market-opening ceremony at Nasdaq Dubai in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM) and Liu Hua, General Manager of ICBC Dubai (DIFC) Branch.
Liu Hua, General Manager of ICBC Dubai (DIFC) Branch, said “The successful listing of ICBC’s multi-currency carbon neutrality-themed green bonds issued by its branches in Dubai (DIFC), Hong Kong, and Singapore on Nasdaq Dubai reflects ICBC’s confidence and commitment to the UAE capital market. As a pioneer in green financing, ICBC has significantly contributed to the environmental sustainability by extending green products, particularly within the framework of the Belt and Road Initiative. With a cumulative total of USD 5.6 billion outstanding bonds in the UAE, ICBC reaffirms its strategic foresight and dedication to fostering eco-friendly and sustainable development globally.”
Hamed Ali, CEO of Nasdaq Dubai and DFM, commented “We are delighted to welcome ICBC’s latest multi-currency Green Bond listings to Nasdaq Dubai, reflecting the strength of our partnership and the growing appeal of Dubai’s capital markets among international issuers.
These listings underscore Dubai’s role as a trusted global hub for sustainable finance and reinforce our commitment to providing a transparent, innovative, and efficient marketplace that supports responsible investment. We look forward to continuing our collaboration with ICBC as they expand their ESG footprint globally.”
Following this listing, Nasdaq Dubai’s total debt listings have reached USD 136 billion, including USD 40 billion in bonds and USD 17 billion in Green Bonds. The exchange’s ESG-related issuance portfolio at USD 29 billion, reaffirms its leadership in advancing sustainable finance across the region and beyond.
Nasdaq Dubai continues to cement its position as a global leader in fixed income listings and a central platform for sustainable investment.
Saudi Arabia gears up for record year of IPOs in 2025
Saudi Arabia’s capital markets are preparing for another wave of initial public offerings (IPOs) as the Kingdom continues to advance its Vision 2030 strategy and diversify away from oil. The Saudi Exchange (Tadawul) currently has more than 50 IPO applications under review, with around 100 companies working with advisers to prepare for listings.
The pipeline reflects growing sectoral diversity, with companies from fintech, food production, transport, logistics, and IT services all lining up to go public in the coming quarters.
One of the most notable transactions so far this year was the IPO of low-cost airline Flynas, which raised approximately USD 1.1 billion by offering a 30% stake. The deal marked the first Gulf airline IPO in nearly two decades and was fully subscribed within minutes, signaling strong investor appetite.
Other confirmed IPOs include Derayah Financial, which became the first fintech company to list in 2025, offering a 20% stake. Fourth Milling Company has also received regulatory approval to float 30% of its shares. The company is among several food sector players pursuing public listings as demand grows for consumer-focused and resilient sectors.
The market is also watching closely for upcoming listings from companies such as Tabby, a leading buy-now-pay-later provider; Ejada Systems, an IT services firm; and entities linked to the Public Investment Fund (PIF), including Saudi Global Ports, Tabreed Saudi, and Nupco. These companies are expected to list in the medium term as part of broader efforts to deepen capital markets and privatise state-linked assets.
In Q1 2025, Saudi Arabia accounted for the majority of IPO proceeds in the Gulf, with 12 main market listings and seven on the parallel market (Nomu), raising nearly USD 1.8 billion in total. Analysts expect between 50 and 60 IPOs to come to market by the end of next year, driven by continued economic diversification, favourable regulations, and strong foreign investor interest.
The Saudi Exchange is also promoting Nomu as an accessible platform for smaller and growth-stage companies. Lighter listing requirements and faster time-to-market have encouraged increased activity on the junior market.
Despite a few weak post-listing performances, the broader IPO outlook remains strong, underpinned by high retail participation, sovereign support, and a shift in investor appetite toward defensive and tech-enabled sectors.
As the Kingdom pursues its ambitions to become a regional investment hub, the IPO pipeline is expected to remain robust well into 2026, with further announcements likely across logistics, healthcare, renewable energy, and consumer sectors.
IMD Breathwork and The Man Cave Project Collaborate for Men’s Mental Health Month with Free Transformational Breathwork Experience at The Heal Hub
In honour of Men’s Mental Health Month, IMD Breathwork is partnering with The Man Cave Project to host a free breathwork experience this Sunday evening at 7:30pm at The Heal Hub to support men’s emotional wellbeing and mental resilience. This powerful breathwork journey will gently guide participants through the emotional complexities of letting go—of the past, of loss, and of all that has been left behind.
IMD Breathwork and The Man Cave Project Collaborate for Men’s Mental Health Month with Free Transformational Breathwork Experience at The Heal Hub
The session, titled “The Shift: Release What Is No More,” will be led by Brendon Hansford, founder of IMD Breathwork. It supports the transformation of grief into strength, acceptance, and renewed purpose. Through dynamic breathing, affirmations, and emotional release techniques, individuals confront and release emotions such as shock, pain, guilt, anger, bargaining, and depression. Each breath facilitates a shift from sorrow to understanding, helping to let go of what no longer serves.
More than just a healing experience, this journey fosters deep personal growth. By courageously facing their loss, participants create space for hope, peace, and new beginnings. Whether the loss is recent or long-held, they will emerge feeling lighter, empowered, and ready to embrace life with resilience and possibility
Brendon Hansford shared: “Men are often taught to bottle things up — but true strength comes from knowing how to release, regulate, and rise. This collaboration with The Man Cave is about normalising emotional wellbeing and giving men the tools to show up for themselves and others in a more empowered way. I know what it’s like to feel helpless and when I discovered the power of breathwork I created IMD Breathwork to enable everyone to breath, heal, transform and thrive.”
This special event forms part of a broader effort to destigmatise mental health conversations among men, creating spaces where vulnerability and healing are not only welcomed but celebrated.
The event is free and open to the public but spaces are limited. Participants must register in advance via www.themancaveproject.com
CorroHealth Makes Strategic Investment in Gulf Capital’s SANTECHTURE,
Infusing CorroHealth AI Capabilities into SANTECHTURE RCM Products Throughout GCC Region
Gulf Capital, one of the largest private equity firms investing from the GCC to the rest of Asia, announced today that global healthcare technology company CorroHealth has made a strategic investment into one of its portfolio companies, Santechture, a Dubai based pioneering revenue cycle management (RCM) intelligent technology solutions provider.
The deal brings together the industry-leading AI capabilities of CorroHealth with the advanced RCM solutions of SANTECHTURE, equipping SANTECHTURE healthcare clients across the Gulf Cooperation Council (GCC) region with powerful new technology to maximize ROI.
The investment formalizes what has been a productive working relationship between the two companies. Over the past two years, CorroHealth and SANTECHTURE have successfully completed multiple proofs of concept for SANTCEHTURE clients. In January, SANTECHTURE and CorroHealth jointly hosted the Arab Health reception focused on AI and Revenue Cycle Management (RCM) Innovation.
SANTECHTURE, which is backed by leading institutional investors Gulf Capital and Shorooq Partners, has seen a phenomenal increase in demand for its advanced deep tech RCM solutions in the GGC and across regional markets, and this partnership will support yet another leap ahead in advancing innovation and value creation.
CorroHealth CEO Pat Leonard said, “This is an exciting step forward for CorroHealth, as we combine our technological capabilities with a local company based in the GCC region. CorroHealth joining forces with SANTECHTURE brings the best of both worlds to provide clients in the region with unsurpassed RCM capabilities to protect hospitals’ bottom lines and help to ensure their financial future.”
SANTECHTURE Founder and CEO Anas Batikhi said, “The pairing of SANTECHTURE’s unique leading-edge solutions with CorroHealth’s AI driven innovations in the RCM technology space is truly unrivalled. We are especially thrilled to be cementing further our working relationship with CorroHealth and leading the intelligent automation drive to support our clients and partners with their RCM digital transformation journey, delivering on cost reduction and improved revenue outcomes.”
Gulf Capital Managing Director Mohammad Madani added, “We are proud to have been early backers of SANTECHTURE and to now support this landmark partnership between SANTECHTURE’s and CorroHealth. This strategic investment is a strong validation of SANTECHTURE’s leadership in intelligent RCM solutions across the GCC and marks a pivotal milestone in its growth journey. We are confident this collaboration will unlock significant value for healthcare providers in the region.”
Bilal Mushtaq, MD, CorroHealth’s Executive Vice President of Global Growth and Strategy for GCC market expansion said “This strategic investment and partnership marks a pivotal step forward in our growth strategy, reinforcing our commitment to innovation and delivering greater value to a new market. This is not just a collaboration but a shared vision to forge a new path towards providing excellence in revenue cycle management”
DHL Group to Invest more than EUR 500 million in Fast-Growing Markets in the Middle East
DHL Group to Invest more than EUR 500 million in Fast-Growing Markets in the Middle East
DHL Group (“DHL”), the world’s leading logistics provider, has announced plans to invest more than EUR 500 million in the Middle East, with a strategic focus on the rapidly expanding Gulf markets of Saudi Arabia (KSA) and the United Arab Emirates (UAE). This investment, set to take place between 2024 and 2030, underscores DHL’s commitment to the region and its importance for the future of global trade. DHL Group’s Strategy 2030, launched in 2024, prioritizes growth regions and geographic tailwinds generated by shifts in global trade.
The investment spans all four DHL divisions – DHL Express, DHL Global Forwarding, DHL Supply Chain, and DHL eCommerce – and will significantly strengthen the region’s logistics backbone. By enhancing infrastructure, expanding networks and capacity, and elevating service capabilities, DHL aims to empower businesses operating across and with the Middle East to capitalize on growth opportunities from trade, ensuring support and resilience for customers as they navigate evolving market demands.The company’s divisions provide a broad portfolio of logistics and transportation services to customers in the Middle East, including express parcel delivery, air, ocean and overland freight, warehousing, fulfilment and distribution, customs brokerage and specialized operations for sectors such as life sciences, healthcare, e-commerce and battery logistics.
John Pearson, CEO of DHL Express
“The region of the Gulf Cooperation Council (GCC) is rapidly emerging as a global logistics and innovation hub,” said John Pearson, CEO of DHL Express. “Our investment reflects the region’s increasing strategic importance in connecting Asia, Europe, and Africa, and our commitment to supporting its transformation into a catalyst for regional and global trade. DHL Express is seeing dynamic growth and export potential in the region’s e-commerce sector, for example, which is providing opportunities for entrepreneurs and smaller businesses to expand their offering to global markets.”
Supporting FDI, exports and building supply chain resilience
The Middle East is emerging as a vital trade hub, facilitating commerce between Asia, Europe, and the US while serving as a gateway to Africa. The region is witnessing growth not only due to attracting investments from multinationals expanding their operations but also because Gulf- and Middle East-based businesses are growing and increasing their exports. DHL’s services, the local and global expertise of its team, and the flexibility offered by the company’s extensive transportation and warehousing network and digital platforms, automation and technologies help businesses build supply chain resilience at a time of heightened volatility and uncertainty in global trade.
Hendrik Venter, CEO of DHL Supply Chain, Europe, Middle East & Africa,
Hendrik Venter, CEO of DHL Supply Chain, Europe, Middle East & Africa, added, “DHL Supply Chain has actively expanded in Saudi Arabia and UAE in recent years, recognizing the positive economic development, the increasing maturity and sophistication of supply chain operations in the region and the growing demand for specialized, outsourced logistics support. With a strong focus on the energy sector, life sciences, healthcare, and technology, we are poised to take advantage of our contract logistics expertise to meet the unique needs of our customers and drive innovation in these critical areas.”
Amadou Diallo, CEO of DHL Global Forwarding, Middle East & Africa
Amadou Diallo, CEO of DHL Global Forwarding, Middle East & Africa, remarked, “This investment underscores our confidence in the Middle East’s economic trajectory and our continued commitment to be ahead of the curve in digital capabilities and sustainable transportation for our customers. We also consistently aim to find entrepreneurial freight forwarding solutions that build supply chain resilience, keep their goods flowing and help them to uncover growth opportunities in a world that is characterized by uncertainty and volatility. By expanding our operations, we will be even better positioned to support our clients in navigating the complexities of international trade and logistics.”
DHL Group recognizes the growing opportunities in the energy sector, encompassing traditional oil and gas as well as renewables and electrification. The company also sees potential in the life sciences and healthcare markets, alongside the burgeoning e-commerce landscape. For example, The Kingdom of Saudi Arabia (KSA) is experiencing a strong inbound market for B2C, especially with high-end goods, driven by ongoing tourism initiatives and events.
Targeted investments in quality, capacity and efficiency
The investments will focus on the following areas across DHL’s business units:
– DHL Express: Investments will be made in hub and gateway facilities, as well as enhancing aviation capacity to improve service efficiency and delivery speed.
– DHL Global Forwarding: The company will expand its overall presence in the region, invest in its fleet – including electric trucks – and pursue joint venture initiatives such as the recent joint venture with Etihad Rail to enhance connectivity and logistics capabilities.
– DHL Supply Chain: There will be an expansion of the contract logistics offering in both the UAE and KSA, which includes increasing warehousing capacity, upgrading equipment, and integrating advanced technology to optimize operations.
– DHL eCommerce: The acquisition of the delivery provider AJEX in Saudi Arabia will enhance DHL’s e-commerce capabilities, facilitating better last-mile delivery services in a rapidly growing market.
DHL is also committed to sustainability, investing in alternative fuel, and electric delivery vehicles, aviation fuels in air freight and biofuels for road and ocean freight, as well as solar energy and clean power for facilities. This commitment ensures that supply chains become more sustainable, and customers achieve their net zero ambitions. This is aligned with the agenda of governments in the region to lead on environmental sustainability. DHL aims to implement best practices in logistics and innovation, strengthening its longstanding position as a leader and investor in the talent and economic potential of the Middle East.
WHO calls for urgent protection of Nasser Medical Complex and Al-Amal Hospital in the Gaza Strip
WHO warns that the Gaza Strip’s health system is collapsing, with Nasser Medical Complex, the most important referral hospital left in Gaza, and Al-Amal Hospital at risk of becoming non-functional. There are already no hospitals functioning in the north of Gaza.
Nasser and Amal are the last two functioning public hospitals in Khan Younis, where currently most of the population is living. Without them, people will lose access to critical health services.
While these hospitals have not received orders to evacuate patients or staff, they lie within or just outside the evacuation zone announced on 2 June. Israeli authorities have informed the Ministry of Health that access routes leading to both hospitals will be obstructed. As a result, safe access for new patients and staff will be difficult, if not impossible. If the situation further deteriorates, both hospitals are at high risk of becoming non-functional, due to movement restrictions, insecurity, and the inability of WHO and partners to resupply or transfer patients.
Nasser and Al Amal hospitals are operating above their capacity, while people with life-threatening injuries continue to arrive to seek urgent care amid a dire shortage of essential medicines and medical supplies. The hospitals going out of service would have dire consequences for patients in need of surgical care, intensive care, blood bank and transfusion services, cancer care, and dialysis.
Losing the two hospitals would cut 490 beds, reducing the Gaza Strip’s overall hospital bed availability to less than 1400 hospital beds (40% less hospital beds available in the Gaza Strip than before the start of the conflict), for the entire population of 2 million people.
The relentless and systematic decimation of hospitals in Gaza has been going on for too long. It must end immediately. For over 20 months, health workers, WHO, and partners have managed to keep health services partly running despite extreme conditions. But repeated attacks, escalating hostilities, denial of aid, and restricted access have systematically dismantled the health system.
WHO calls for urgent protection of Nasser Medical Complex and Al-Amal Hospital to ensure they remain accessible, functional and safe from attacks and hostilities. Patients seeking refuge and care to save their lives must not risk losing them trying to reach hospitals. Hospitals must never be militarized or targeted.
WHO calls for the delivery of essential medicines and medical supplies into Gaza to be immediately expedited safely and facilitated through all possible routes.
WHO calls for an immediate and lasting ceasefire.
Notes to editors
Only 17 of Gaza’s 36 hospitals are currently partially functional. Of these, just five, including Nasser Medical Complex and Al-Amal Hospital, are major referral facilities, accounting for 75% of all the Gaza Strip’s hospital beds.
Nasser Medical Complex is operating at 180% over bed capacity and Al Amal Hospital is at 100%.
Currently, one national and four international Emergency Medical Teams are deployed at Al-Amal and Nasser hospitals as part of efforts to provide specialized care and strengthen hospital capacity.
Acute shortages of essential medicines and medical supplies are severely disrupting health services in all hospitals, while about 50 WHO trucks of supplies await at Al-Arish and in the West Bank.
EBRD supports Egypt with first private-to-private electricity contracts
Energy market reform is taking a major step forward in Egypt as the government approves the first bilateral power purchase agreements between private generators and consumers. As part of a pilot of the private-to-private (P2P) rules, developed with technical support from the EBRD to the Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egypt ERA) and approved last year, four renewable energy projects with a combined capacity of 400 MW have been approved to contract directly with end-consumers of electricity.
The four approved projects are:
KarmSolar, which will develop a 100 MW solar plant to supply electricity to Suez Steel.
AMEA Power, which is building a solar facility of the same size to serve BEFAR Group and the Suez Canal Container Terminal.
TAQA PV, which will install 100 MW of hybrid capacity (solar and wind) to power operations at Ezz Steel.
Enara, developing a hybrid plant to deliver 100 MW to the El Alamein Silicone Products Company and Helwan Fertilizers.
The P2P rules set out the conditions under which generators can use the power grid to sell electricity directly to consumers, a major departure from the existing single-buyer model and a significant step forward in Egypt’s efforts to liberalise its electricity market – a goal set out in the 2015 Electricity Law.
This approach introduces competition into the electricity sector, expands consumer choice and promotes private investments in renewable energy. It also introduces a path for Egyptian businesses, especially those that are energy-intensive and focused on the export market, to sign agreements directly with renewable energy producers that are increasingly required to prove their low carbon product credentials, for example green hydrogen destined for the European market.
Furthermore, given the electricity generation under these contracts will be entirely privately financed, the P2P scheme represents an important route for Egypt to scale up electricity production without the need for government contracts.
Mark Davis, the EBRD’s managing director for the southern and eastern Mediterranean region, said: “This milestone shows how the right regulatory framework can unlock private investment and drive the energy transition. By enabling companies to procure green electricity directly from producers, Egypt is opening new opportunities for industry and enhancing its competitiveness. We are proud to have supported EgyptERA in designing this pioneering scheme and will continue working closely as projects move towards implementation.”
Dr Mohamed Mousa Omran, the chairman of EgyptERA, said: “This pilot marks an important step towards a more competitive electricity market in Egypt. By enabling direct agreements between producers and consumers, we are creating space for the private sector to play a greater role in meeting the growing demand for clean energy in Egypt. This is essential for accelerating the deployment of renewables at scale and achieving our long-term energy goals.”
The EBRD’s technical support is generously funded by the Swiss State Secretariat for Economic Affairs (SECO), a key partner for the Bank in many of its ongoing policy engagements that aim to decarbonise the energy sectors of its countries of operation.
This work is being delivered under the EBRD’s Renewable Energy Programme, which is currently supporting 16 countries in their development of market-based mechanisms to mobilise private investments. To date, activities under this programme have delivered over 8,500 MW of renewable energy capacity being awarded in 8 countries.
Specialized Medical Company Announces the Final Offer Price for its Initial Public Offering
Specialized Medical Company (“Company” or “SMC”), one of the leading healthcare providers in the Kingdom of Saudi Arabia (“Kingdom”), recognized as a center of excellence delivering comprehensive and integrated healthcare services across a wide range of specialties, announces the successful completion of the book-building process for institutional investors (“Participating Parties”) and the final offer price (the “Final Offer Price”) for its initial public offering (the “IPO” or the “Offering”) on the Main Market of the Saudi Exchange.
The Final Offer Price has been set at SAR 25.00 per share, which is at the top end of the previously announced price range for the IPO, implying a total offering size of around SAR 1,875 million (USD 500 million) and a market capitalization at listing of SAR 6,250 million (USD 1,667 million). The orders recorded during the institutional book-building exceeded SAR 121.3 billion (approximately more than USD 32.4 billion), representing a coverage of 64.7 times.
In line with regulatory requirements, SMC issued a Second Supplementary Prospectus reflecting a shareholder decision to revoke previously distributed interim dividends. Following this, the institutional book-building was reopened exclusively to existing institutional participants, offering them the opportunity to amend or rescind their bids.
SMC received strong level of investor engagement since the publication of the Second Supplementary Prospectus. The deliberate and strategic decision taken by SMC’s shareholders reinforces their confidence in the IPO and their belief in the Company’s long-term value creation potential for both current and future shareholders.
The subscription period for Individual Subscribers will commence on Sunday, 15/06/2025G (corresponding to 19/12/1446H), and ends at 2:00 PM (KSA time) of Monday, 16/06/2025G (corresponding to 20/12/1446H).
Bassam Chahine, Chief Executive Officer of Specialized Medical Company (SMC), commented: “Reaching the top end of the price range is a clear vote of confidence in SMC’s performance, vision, and growth strategy. It marks a significant milestone in our journey from a single day-surgery center to one of Riyadh’s leading private healthcare providers. This IPO sets the stage for our next phase of expansion as we double our capacity, deepen our presence in high-growth areas like Northern Riyadh, and continue to redefine healthcare delivery in the Kingdom.”
HIGHLIGHTS OF THE OFFER
The Company has appointed EFG Hermes KSA and SNB Capital Company (“SNB Capital”) as the joint financial advisors (hereinafter referred to as the “Financial Advisors”), bookrunners (the “Bookrunners”), and underwriters (the “Underwriters”) and appointed SNB Capital as the lead manager (hereinafter referred to as the “Lead Manager”) in respect to the Offering described herein.
The Company has also appointed SNB Capital, SAB Invest, Al Rajhi Capital, BSF Capital, Alinma Investment, Riyad Capital, Al Jazira Capital, Alistithmar Capital, ANB Capital, Derayah Financial Company, Yaqeen Capital, Al Khabeer Capital, Albilad Capital, GIB Capital and Sahm Capital to act as receiving agents (collectively, the “Receiving Agents”) for retail investors.
The Offering will consist of 75,000,000 ordinary shares (the “Offer Shares”), representing 30% of the Company’s total issued share capital.
100% of the Offer Shares have been initially allocated to the Participating Parties that took part in the institutional book building process. In the event that Individual Subscribers subscribe in full for the Offer Shares allocated thereto, the Financial Advisors shall have the right to reduce the number of Offer Shares allocated to Participating Parties to a minimum of sixty million (60,000,000) Offer Shares, representing 80% of the total Offer Shares, provided that such reduction shall not apply to the Cornerstone Investor and the final allocation to the Cornerstone Investor shall be five million eight hundred seventy-five thousand (5,875,000) shares of the Offer Shares (representing 2.35% of the Company’s share capital after the Offering) in all cases. Accordingly, fifty-four million one hundred and twenty-five thousand (54,125,000) shares of the Offer Shares will be allocated to the Participating Parties other than the Offer Shares allocated to the Cornerstone Investor and individual shareholders.
The Company for Cooperative Insurance (Tawuniya) committed to subscribe, as Cornerstone Investor, for 5,875,000 shares of the Offer Shares (representing 2.35% of the Company’s share capital after the Offering). The Company for Cooperative Insurance (Tawuniya) is considered a major investor in the Saudi markets. The Company believes that the contribution of the Company for Cooperative Insurance (Tawuniya) will provide an essential drive for achieving growth and long-term strategic goals.
The Offer Shares will be offered for subscription to individual and institutional investors, including institutional investors outside the United States in accordance with Regulation S under the US Securities Act of 1933G, as amended (“US Securities Act”). The Offering’s net proceeds will be distributed to the Selling Shareholders. The Company will not receive any part of the Offering Proceeds.
The Offer Shares will be listed and traded on the Saudi Exchange’s Main Market following the completion of the Offering and listing formalities with both the Capital Market Authority (CMA) and the Saudi Exchange.
To view the full Prospectus and information on the IPO, please visit www.ipo.smc.com.sa
