STC hailed as success story in privatization in KSA

High-level government officials visited the STC section of the conference and were briefed on the digital services.
Updated 30 April 2019
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STC hailed as success story in privatization in KSA

The Saudi Telecom Company (STC) contributed a total of SR168 billion ($44.80 billion) to the Kingdom’s GDP from 2000 to the end of 2018, according to STC’s 2018 annual report. The amount comprises government fees paid to the state in addition to the state’s share of annual profits.

The annual report, which was launched last week at the Financial Sector Conference in Riyadh, revealed that STC has maintained its pivotal role in achieving the objectives of Saudi Vision 2030 and National Transformation Program 2020 by enabling digital transformation in the public and private sectors and investing in digitizing the economy in line with its ambitious strategy DARE, which completed its first year — 2018 — with remarkable success.

Speakers at the two-day finance event singled out STC, now in its 20th year, as an inspiring success story of privatizing government institutions in Saudi Arabia. The Saudi Telecom Company was the Ministry of Post, Phone, and Telegraph until 1998, before rebranding to STC in 2008.

Minister of Finance Mohammed Al-Jadaan, Minister of Housing Majid Al-Hogail and SAMA Chairman Dr. Ahmed Abdulkarim Alkholifey visited the STC section of the conference and were briefed on the digital solutions and services offered by the company, in particular through digital platforms such as STC Pay. Khalid bin Abdulaziz Al-Falih, who headed the supervisory committee, awarded STC with a shield for its support of the conference. The award was accepted by Mohammad bin Rashid Aba Al-Khail, director general of corporate communication.


CMRC admits first patients to new Saudi clinic

Updated 21 May 2019
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CMRC admits first patients to new Saudi clinic

Cambridge Medical and Rehabilitation Center (CMRC), a top post-acute rehabilitation and long-term care facility in the UAE, has admitted 15 patients to its first medical facility in Saudi Arabia. 

CMRC’s new 60-bed clinic, located between Dhahran and Alkhobar, aims to help patients requiring post-acute care and rehabilitation services to make large improvements in their quality of life through multidisciplinary rehabilitative therapies including physiatry, physiotherapy, occupational therapy, speech and language therapy, and multi-sensory room sessions. 

The facility is staffed by multiple clinical experts including GPs, internal medicine consultants, pediatricians, ICU intensivists, rehabilitation consultants, psychologists and therapists, and will service patients across the eastern region of Saudi Arabia. 

It follows the same clinical procedures and protocols successfully implemented in facilities in the UAE, similarly benefiting from the center’s international partnership with the Spaulding Rehabilitation Network, a teaching affiliate of Harvard Medical School, and accreditations from Joint Commission International, CARF and Planetree.

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CMRC, a portfolio company of health care specialist investor TVM Capital Healthcare, also operates facilities in Abu Dhabi and Al-Ain in the UAE.

CMRC Group CEO Dr. Howard S. Podolsky said: “We expand into countries where there is notable demand for post-acute care and rehabilitation services. Like many countries around the world, Saudi Arabia is experiencing a rise in the incidence of non-communicable diseases, birth defects, and life-threatening injuries. Our new facility brings our world-class medical treatment, care, and rehabilitation therapies to the Kingdom through a truly patient-centric approach.”

He added: “We look forward to helping families in the region improve their quality of life and using our international expertise and specialized workforce to support the government of Saudi Arabia’s focus on health care development, as part of Saudi Vision 2030.” 

CMRC, a portfolio company of health care specialist investor TVM Capital Healthcare, also operates facilities in Abu Dhabi and Al-Ain in the UAE.

Dr. Helmut Schuehsler, CEO of TVM Capital Healthcare and board member of CMRC, said: “We believe that private equity investment should be a force for good, and that by working in health care, we have a real opportunity to make a difference to patients’ lives. Therefore, we conceptualized and invested in CMRC in the UAE to cater to those in need of post-acute care and an elevated level of rehabilitation. CMRC grew to be the leading post-acute care and rehabilitation provider in the UAE. We are very happy to bring the offer to the people of Saudi Arabia now.”

CMRC offers both inpatient services at its medical centers and outpatient therapy, where patients follow a rehabilitation program after discharge. The company employs more than 500 staff members across all facilities.