The decision to expand into healthcare was motivated by the growing demand for quality medical services within Saudi Arabia and our commitment to contributing to the wellbeing of our community. As our population grows and ages, there is a clear need for healthcare infrastructure that can deliver high standards of care. Through initiatives like Makkah Park Clinics, we are already directly addressing these needs while diversifying our portfolio into sectors with substantial impact and returns.

The upcoming Jeddah Park Health project involves allocating one of our towers for healthcare purposes. The initial idea was to have a group of clinics, but after careful consideration and consultation we decided to open a full-fledged hospital with physical medicine and rehab as its core activity. We had meetings with the minister of health at the time and he supported our unique idea. We developed a partnership with John Hopkins Hospital to create a specialized hospital, and we will partner with Sultan bin Abdulaziz Humanitarian City in Riyadh to operate this much-needed facility. There is a shortage of services available in this area and the standards and experience our international partners bring are highly competitive. Our current aim is to provide a completely new healthcare service for the city of Jeddah.

Being an architect by profession with experience in the field of construction and development, I am privy to the full spectrum of trends and what is now required in the development sector. Abnia provides cutting-edge design and engineering solutions that elevate our projects above conventional offerings. The new entity allows us to visualize new conceptual and schematic designs, innovate our construction methodologies and figure out project complexities; it ensures we remain at the forefront of design, functionality and cost. This integration is crucial as we expand into high-growth areas such as healthcare and hospitality sectors where differentiation through design and technology is key. We prefer to make small packages in our construction activities – such as packages for construction, for finishings or for operations – rather than commissioning the project as a full package.

On the culture side, we have five special museums that are all the first of their kind in the Kingdom and some the first of their kind in the world. We recently received an award in Qatar for our pioneering spirit in developing private museums; we represented Saudi Arabia among GCC countries. Our involvement in arts and culture is driven by a strategy to promote and preserve our cultural heritage while encouraging contemporary artistic expression. The House of Islamic Arts at our Jeddah Park shopping and entertainment center exemplifies our commitment to this cause. The museum showcases regional art and highlights the historical value of our culture. We see this as essential in enriching the local cultural landscape and supporting economic diversification efforts. Our interest is also backed by our family’s interest in culture and collecting traditional artifacts. Our upcoming museum will showcase Saudi cultural clothing and jewelry, which is a passion of our mother.

AlSalehat Holding plays a critical role in steering the strategy and operational excellence of our partner companies. My brother is part of the board of Makkah Construction and Development Company, and I am Deputy Chairman of the board at Taiba Investments. Previously, I was the chairman of the board at Sidra Capital, Arch Capital and other financial entities. We ensure that these enterprises benefit from our robust governance, deep market understanding and strategic foresight. We foster innovations and collaboration that drive collective success and contribute to the overarching group’s objectives.

Through the aforementioned boards we are exposed to new trends and investments. We are part of the decision-making process regarding our direction and proposed investments around the Kingdom. In the past decades, our investments have been concentrated locally. However, we are now looking at expanding our investments abroad. We have done this with Sidra Capital in a limited way. We do have international investments, but in terms of the proportion, they represent only a small part of our portfolio. We have been holding meetings with large financial services providers such as JP Morgan, UBS Group and Goldman Sachs Group for opportunities abroad.
Our partner selection process is not a mere formality but is rigorously aligned with our strategic vision and operational ethics. We give priority to partners who have a proven track record of success and include a high level of innovation and sustainability in their operations. Moreover, we seek partners who share our commitment to enhancing community value. We ensure that every project we undertake is not only financially successful but also socially responsible. Our ability to navigate Saudi Arabia's regulatory and cultural landscape provides a competitive edge in fostering partnerships with top global brands looking to expand in the region.

Tourism in Saudi Arabia offers tremendous potential. The sector has been catalyzed by Vision 2030's emphasis on economic diversification and the private sector’s contributions. The Kingdom is now a top destination globally for attracting tourists. In terms of the number of pilgrims, visitors doubled just last year solely for Hajj and Umrah. For other purposes we have reached almost 90 million visitors. Additionally, Saudis are now discovering their own country instead of traveling abroad, with the number of local travelers also increasing. A large driver of domestic tourism were the restrictions in place during the pandemic; people in Saudi are now falling in love with their own culture and unique landscape. My outlook for the sector is extremely positive.

Our strategic partnerships with global hospitality leaders such as Crowne Plaza and Hyatt Regency have allowed us to capitalize on the influx of both domestic and international tourists, which is expected to increase. AlSalehat Holding’s largest competitive advantage for attracting major hotel chains is the fact that we have a mix-use development that contains hotels, malls, museums and entertainment assets such as cinemas and bowling alleys. We are building the largest paddle tennis arena in Jeddah with almost 20 courts that will be finished in 2024. This mix-use environment is a key attractive element for large international brands. Our outlook is one of robust growth, and we aim to continue to make significant contributions to the Kingdom’s economic and cultural landscape.

Compared to other international markets Saudi Arabia is experiencing a golden age with our current level of stability, a key parameter in making large investment decisions. There exists a high amount of trust in investing in the Kingdom, with great opportunities popping up everywhere. Our inspiration also comes from our crown prince and the quick wins we have made, such as putting together the F1 race in Jeddah in three months and the Islamic Arts Biennale in Jeddah in six months. The latter event managed to pull together the largest Islamic art collection in the world under one roof, something that had never been done before. Additionally, we have delivered incredible projects on the Red Sea coast such as the opening of the Ritz Carlton. Vision 2030 is not just a dream but a real plan that is being realized at a much faster speed than anticipated. While we have had to do recalculations on delivery times of some projects, this is common for developments and will not hinder the country from achieving its goals.

The largest challenge the private sector faces is to keep up with the pace of the government. Everything has been streamlined and all processes are much faster and more efficient. Foreigners can now own companies in the Kingdom and are being given the full support of the government. There are many funds available for projects that align with the Kingdom’s vision. We are currently reviewing our strategy and exploring the possibility of expanding into other sectors.

As we stand today in an evolving landscape, AlSalehat Holding remains steadfast in our commitment to not only grow as a company but to foster growth within our community and beyond. Our corporate social responsibility policies are centered around impactful community engagements such as driving education and promoting culture. We prioritize actions that have a direct positive impact on societal wellbeing, be it through healthcare, education or charity. Each initiative embodies our commitment to the country and the community that nurtures and supports us.

Looking ahead, we are excited about the endless possibilities that await. Over the past six decades, our journey has been marked by significant achievements, pioneering initiatives and an unwavering dedication to excellence and integrity. These core values have not only guided us but have also ingrained in us a responsibility to lead with vision and purpose. Beyond the metrics of success, our true pride lies in our ability to contribute positively to the lives of the people we serve, whether through creating job opportunities, enhancing healthcare accessibility or enriching our cultural heritage. Our purpose extends far beyond business; it is about building a legacy that future generations will inherit and cherish.