Dr. Sulaiman HMG

Pioneering Healthcare Excellence in Alignment with Vision 2030

Faisal Al Nassar, President and CEO, Dr. Sulaiman Al Habib Medical Group (HMG), highlights the fast growth of Saudi Arabia’s healthcare system under the nation’s Vision 2030 program and the company’s ambitious expansion plans as the leading private healthcare provider in the Kingdom.

Continued reforms under the Vision 2030 program have effectively driven Saudi Arabia’s economic diversification agenda and resulted in a reduced reliance on oil revenues. This transformation has increased governmental efficiency in a multitude of sectors, introduced new avenues for growth and investment, sparked international cooperation and improved the standard of living for Saudi citizens. The nation’s ambitious healthcare agenda under the Vision 2030 initiative underscores these achievements and has become a key enabler of nationwide transformation. The agenda follows a quadruple aim of improving population health, reducing costs, improving patient experience and empowering the healthcare workforce. Saudi Arabia’s Minister of Health Fahad Al-Jalajel recently forecasted that the sector’s contribution to the gross domestic product would increase from around $53 billion in 2023 to $84.7 billion in 2030, with related investment opportunities climbing to a value of $87.9 billion in the same period. To reach these numbers, the government is driving private sector involvement from its largest players such as HMG, with the set goal of increasing private sector participation in healthcare from 11% in 2023 to 50% in 2030.

Faisal Al Nassar, president and CEO of HMG, emphasizes the vast degree of change in the economic landscape and the medical industry: “The government has made Saudi Arabia more welcoming to international businesses by actively addressing legislation, regulation, infrastructure and societal structures. The government’s Vision 2030 approach, championed by His Royal Highness Crown Prince Mohammed bin Salman, reflects a commitment to health sector growth combined with a level of sophistication that is world class.”

Founded in 1993, HMG has grown exponentially from opening its first multi-specialty clinic in Riyadh in 1995 to more than 25 medical facilities in Saudi Arabia, Bahrain and the UAE. More recently, the company has taken an aggressive stance in expanding its portfolio, with three new medical centers inaugurated in 2023 and a pipeline of new facilities set to open in 2024 and beyond. “Of the six new hospital projects announced in 2023, two have already opened and four are expected to be launched by the end of this year and in the first quarter of 2025,” said Al Nassar. In 2023, the company posted a net income growth of 24%. In the second quarter of 2024, the company continued to see a rise in profits of 13.9% compared to the same quarter in 2023. “Since the company was listed on the Saudi Exchange in March 2020, our share price increased by more than 400%,” stated Al Nassar. “Our shareholders consistently express their trust and expectations in our growth."

The healthcare leader is also championing sustainability and environmental, social and governance activities. “As the largest private healthcare provider in the Kingdom and the Middle East, we recognize our responsibility to support Vision 2030’s sustainability objectives,” said Al Nassar. The CEO underlined the current targets published in its first standalone sustainability report launched in June 2024: “Our strategic framework is based on three main pillars that guide our efforts: protecting and preserving the environment; empowering our people and engaging with the community; and maintaining sound business practices.” To protect the environment, the company has implemented water management and hospital waste management policies and is currently undergoing studies to set goals to reduce its carbon footprint. One of its major social contributions is improving education and the training of new healthcare professionals by offering more than 30 diploma, residency and fellowship programs in collaboration with national and international universities. “Our team is growing significantly in parallel with our ambitions. Therefore, our central challenge is investing in human capital, and we are dedicated to finding sustainable ways to do so,” expressed Al Nassar. “This commitment extends to all facets of our workforce, including physicians, nursing staff and administrative roles.” To invest in the Kingdom’s future and grow its local workforce, HMG is establishing its own nursing college. In November 2023, HMG also announced a strategic partnership with London-based UCL Global Business School for Health to upskill its professionals. The institution has been ranked fifth in the world for public health research.

To meet the premium needs of its healthcare customers, HMG is putting a large focus on innovating and adopting the latest technologies. The company has formed a spin-off solutions company, Cloud Solutions, that is now selling its patented innovations to other healthcare facilities, including new products for electronic medical records and integration between software and medical devices. The subsidiary has grown to almost 800 employees and two research and development offices outside of Saudi Arabia. HMG also has its own medical technology company, FLOW, that follows the highest standards for maintenance of all equipment and devices. Their in-house engineers also extend their services to external providers. “Patients and clients are expecting more personalized experiences, higher speed of access and different kinds of treatments. We have always been at the forefront of innovation and will continue to invest in the latest technology in both clinical and administrative segments,” asserted Al Nassar.

In its drive to utilize the latest technologies, HMG has put a sharp focus on the usage of artificial intelligence (AI). “AI is developing at an astounding rate. For example, advancements in AI and radiology have been staggering. However, we must be careful to implement AI properly,” admitted Al Nassar. The company has made many deals in the last few years to implement AI across the board, from diagnosis and treatment to administration and auditing. In July 2023, the company signed a deal with South Korea’s Lunit for AI-enabled cancer diagnostics and therapeutics. In the same year, HMG was the first healthcare provider in Saudi Arabia to utilize AI to detect breast cancer following a successful trial. The Saudi medical giant also signed a $2.4-million deal with Australian health data analytics entity Beamtree in May 2024 in preparation for diagnosis-related group implementation involving its AI-based data automation platforms. “We are looking at all continents developing AI, from the East to the West. We have implemented AI in six disciplines and plan on rapidly expanding its usage,” indicated Al Nassar.

Moving forward, the CEO is positioning the company to take advantage of new opportunities provided by Saudi Arabia’s economic diversification. “Since its establishment, HMG is proud to have raised the standards of excellence in the healthcare industry in the region. We have a proven track record of reacting to economic and market changes,” he said. “Our deep roots in Saudi society combined with our international reach, our people-centric approach and unrelenting focus on technology and innovation make us a force to be reckoned with. HMG’s growth is carefully orchestrated, and we will continue to expand rapidly; there is much more to come.”