Saudi health care market is set to reach $27bn by 2020

The Kingdom’s health care sector transformation is being guided by the over-arching Saudi Vision 2030 and National Transformation Plan, along with the Ministry of Health’s National Healthcare Project and National e-Health Strategy.
Updated 06 June 2016
0

Saudi health care market is set to reach $27bn by 2020

RIYADH: Digital health care innovations are key for supporting Saudi Vision 2030, and the rapidly-growing Saudi health care market is set to reach $27 billion by 2020, say industry experts.

The Kingdom’s health care sector transformation is being guided by the over-arching Saudi Vision 2030 and National Transformation Plan, along with the Ministry of Health’s National Healthcare Project and National e-Health Strategy.
As a result, the Saudi health care market, the largest in the GCC, is set to grow by 69 percent from $16 billion in 2015 to $27 billion by 2020, according to a recent report by Alpen Capital.
Supporting Saudi Vision 2030’s goals for greater private sector health care participation, Dr. Abdul Rahman Al-Mishari Hospital has announced a partnership with global enterprise software company SAP on digital health care solutions.
“Al-Mishari Hospital faced an increasing number of patients and reporting requirements. With the Kingdom’s population and ailments continuing to increase, Al-Mishari Hospital’s partnership with SAP provides data-driven insights to help drive innovation and planning, and support Saudi Vision 2030,” said Mohammed Abdul Rahman Al-Mishari, vice chairman of Dr. Abdul Rahman Al-Mishari Hospital, claimed as the Kingdom’s first and leading private hospital.
The first hospital in the Kingdom running SAP solutions, Al-Mishari Hospital has deployed the in-memory SAP HANA computing platform and SAP Healthcare Information Systems. This real-time digital platform enhances collaboration, operations, and planning and enabling personalized health care solutions such as automated appointments, digital patient records, and telemedicine.
“The Kingdom of Saudi Arabia is at the forefront of health care innovation, with the private sector playing an increasing role in supporting federal health care goals. Al-Mishari Hospital is demonstrating global best practices in using real-time insights to enhance the patient experience and reduce costs,” said Ahmed Al-Faifi, MD, SAP Saudi Arabia.
Khaled Moussa, chairman of Smart Consulting Solutions, the company that will deploy the SAP system, outlined the project’s objectives and scope, saying that the project is of high significance and a top priority, with the aim of installation being prompt and precise.
“We believe that the SAP project is in line with the hospital’s efforts to drive innovation with the latest developments in the global health care sector, and thus achieve its current and future strategic objectives,” said Moussa.
Vice Minister of Health Hamad bin Muhammad Al-Duweila’ recently praised private hospitals, including Al-Mishari Hospital, for supporting the Kingdom’s health care sector.
Demonstrating global best practices, Al-Mishari Hospital has received accreditation from organizations such as Accreditation Canada, American Academy of Continuing Medical Education, American Hospital Association, Joint Commission International, and International Hospital Federation.


UAE to loosen visa rules for investors and innovators

Updated 56 min 29 sec ago
0

UAE to loosen visa rules for investors and innovators

  • UAE cabinet announces the launch of an integrated visa system to attract talent and talent in all vital sectors of the national economy
  • The Council also announced changes in the system of foreign ownership of companies in the country, which allows the acquisition of 100% of the global investors by the end of the year

DUBAI: The United Arab Emirates, home to financial hubs Abu Dhabi and Dubai, is loosening its residency laws and will grant long-term visas for up to 10 years to investors and highly-skilled professionals.
The 10-year residency visas will be granted to specialists in science, medicine and research, and to “exceptional students.” The state-run WAM news agency says the plan aims to attract global investment and innovators.
The UAE Cabinet approved the new rules on Sunday, saying plans are also on track to allow foreign investors 100 percent ownership of their UAE-based companies this year.
His Highness Sheikh Mohammed bin Rashid Al Maktoum affirmed that the UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. “The UAE has been open, governed by tolerance and contributed to by all who live on its land.
“Our open environment, tolerant values, infrastructure and flexible legislation offer the best opportunities to attract international investment and exceptional talent in the UAE,” he said. “Our country is the land of opportunity, the best environment for realizing human dreams and unleashing their extraordinary potentials.”
The new regulations include raising the percentage of global investors’ ownership in companies to 100% by the end of the current year. He directed the Ministry of Economy in coordination with the concerned parties to implement the decision and follow up on its developments and submit a detailed study in the third quarter of this year.
The new regulations approved by the Council of Ministers and the authorities concerned have also set the procedures for implementing them to grant investors residence visas of up to ten years for them and all members of their families, as well as granting residency visas of up to ten years for specialized competencies in the medical, scientific, research and technical fields.
The new regulations also include visas for students studying in the country for five years and a 10-year residency for exceptional students.
Under current laws, foreign companies must have an Emirati owning 51 percent of the shares, unless the company operates in a free zone. Major brands Apple and Tesla are believed to be exceptions to the rule.