Doctor’s Sons Turn Billionaires as Saudi IPOs Mint New Fortunes

Saudi Arabia has long been associated with oil-driven fortunes, but a significant shift is underway. New business empires are emerging, and the health-care industry is at the forefront of this transformation. The Dr. Soliman Abdul Kader Fakeeh Hospital Co., a hospital group, is set to become the kingdom’s largest listing of the year. As a result, the two top shareholders, brothers Mazen and Ammar Fakeeh, will ascend to billionaire status. Their combined fortune after the sale is estimated to be at least $2.5 billion. Additionally, their sister, Manal, will be worth approximately $600 million.

This rapid wealth creation in the Saudi health-care sector mirrors the country’s broader push to diversify its economy beyond oil. Crown Prince Mohammed bin Salman’s Vision 2030 plan emphasizes privatization and self-sufficiency, with health care playing a pivotal role. The recent surge in initial public offerings (IPOs) shows no signs of slowing down, making health care a prominent sector in the Saudi stock market. With the Fakeeh Care Group’s share sale, the industry is expected to account for around 7% of the stock market value, excluding energy giant Saudi Aramco. The trend toward entrepreneurship and private health care is likely to continue, contributing to the kingdom’s economic transformation.

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