Healthcare operator and Real Estate developer sign $1.35 billion deal in KSA
Real estate investment and development holding group, RED House, and healthcare developer and operator, Rizk Healthcare, announced that they have established a new Lebanese offshore company.
The joint-venture will be called Rizk RED House Healthcare (RRHH). It will be managed by the Rizk family, the founders and former owners of Rizk Hospital.
The firm’s headquarters will be in Beirut’s central district, with a branch in KSA.
“Through this venture, we aim to reinstate the role of the Lebanese healthcare sector in the region,” said Sami Rizk, the CEO of RRHH. He also said that the company hopes to open up work opportunities for the Lebanese expertise in the medical field.
RRHH will kick-start its operations with a $1.35 billion project for the development of a hospital network in Saudi Arabia. The project will be carried out through a fifty-fifty joint venture between RRHH and Saudi investment and healthcare firm, Ebram Investments. RRHH will develop ten specialized hospitals, with a total of 3,000 beds, distributed across the KSA. The project’s implementation will span over a period of six to eight years.
“The project in the KSA will be RRHH’s first project, but we are currently studying other projects across the MENA region,” Rizk said.
RRHH plans to become a regional key player in the field of healthcare development. “We are currently looking into plans to develop similar projects in Erbil, Kurdistan,” Rizk said. He said that the company will also work to tap the healthcare markets of Abu Dhabi and South Sudan.
RED House, Real Estates Development House, was established in Beirut in 2005 by its Chairman Mazen Beaini. The company later developed into a group that operates through affiliated companies in Cyprus, Algeria, and KSA.
Date Posted: Dec 21, 2011