Frimex International Investment (Frimex), the investment arm of HSA Group in the GCC, today announced the completion of its acquisition of a 60% stake in Gulf NeoCare (GNC) in the Kingdom of Saudi Arabia, a fast-growing Saudi company specialising in neonatal care, pharmaceuticals, medical devices, and health products.
The announcement was made at the official signing ceremony in Riyadh, attended by the Vice Minister of Investment for Integrated Investor Services, Mr. Mohammed bin Abdulrahman Aba Hussein, representatives of the Ministry of Investment and related government bodies, senior leaders and staff from both companies, and a number of ambassadors, physicians, and business leaders. The investment comes within the continued support of the Kingdom's leadership for empowering the healthcare sector and fostering high-quality partnerships that raise the standard of healthcare services and advance the goals of Saudi Vision 2030.
The step is a cornerstone of Frimex's expansion strategy into the healthcare sector, with Gulf NeoCare intended to become the nucleus of an integrated, scalable platform aligned with Vision 2030. The investment builds on Gulf NeoCare's strong operating performance: the company serves a network of more than 700 clients, with coverage across 90% of the Kingdom's cities.
By combining Gulf NeoCare's deep specialist expertise with Frimex's established institutional capabilities, rooted in HSA Group's legacy since 1938 of building multi-market industrial and commercial platforms, the partnership will establish an integrated institutional model for expanding high-quality healthcare services and closing gaps in specialised medical supplies in Saudi Arabia.
This acquisition is a pivotal milestone in the company's strategy of building well-founded investment entities in vital sectors, in line with the opportunities created by Vision 2030. Frimex follows a disciplined governance approach that allows it to build on Gulf NeoCare's outstanding record and strengthen its presence in the Kingdom's healthcare ecosystem, helping to establish institutions that can compete locally and regionally and deliver sustainable value for partners and society alike.
Gulf NeoCare was founded in 2011, in partnership with Dr. Khalid Marji Al-Faleh, on an ambitious vision to build an entity measured by the quality of its impact before its size. Choosing Frimex as a strategic partner reflects a shared vision built on sustainability and institutional integration, and the collaborative approach of Frimex's leadership gives us confidence that the next phase will build on what has been achieved and take it towards broader, well-structured growth.
This new partnership marks a strategic turning point in the Group's business in the Kingdom of Saudi Arabia. HSA Group has extensive experience in this field through many successful healthcare projects, and the Group, which operates in more than 15 countries, will bring its operational expertise and regional networks to support the partnership's success, foster integration and shared growth, and apply best global practices to raise efficiency in the healthcare sector, in line with Vision 2030. We are confident this collaboration will lead to distinctive achievements and build a strong entity we can all be proud of.
This investment comes within a clear vision and defined strategic objectives. Gulf NeoCare has demonstrated strong operational foundations and a high level of compliance with quality standards, in keeping with Frimex's investment philosophy and values. The next phase opens a new chapter focused on four pillars: investing in people, geographic expansion, digital transformation, and diversifying services, strengthening the company's capacity for sustainable growth. We welcome Gulf NeoCare's leadership and staff to HSA Group and are committed to working together to build an integrated healthcare ecosystem that supports the Kingdom's transformation and sets new standards of operational excellence in pharmaceuticals and healthcare.
The transaction strengthens Frimex's position in Saudi Arabia as a strategic investor and key player in vital sectors, contributing to the building of scalable institutions in high-impact industries, in line with the Kingdom's drive to diversify the economy and improve quality of life.
