JEDDAH, 21 February 2004 — As part of the Kingdom’s liberalization of foreign investment in the health sector, for the first time a leading American hospital owns stocks in a hospital in Saudi Arabia. The chief executive officer of the Cleveland Clinic in Ohio, US, will arrive here tomorrow to attend the International Medical Center’s quarterly Board of Directors meetings, according to a press release.
Dr. Floyd Loop, the CEO of the Cleveland Clinic and representative of the Cleveland Clinic Foundation’s shares in the IMC, will also be visiting the construction site of the IMC hospital and will deliver a lecture at the Jeddah Chamber of Commerce. The board meeting will take place on the Feb. 23-24 at the IMC headquarters.
The IMC board of directors is comprised of 8 board members: three physicians and five prominent businessmen, chaired by the CEO, Dr. Walid Fitaihi.
The IMC focuses on several centers of excellence, including diabetes treatment and management, cardiac and thoracic surgery, pediatrics, and women’s health. The IMC is a 300-bed hospital with 100 outpatient clinics, a rehabilitation center, health clubs for men and women, learning and educational centers, a comprehensive pharmacy, diagnostic center, auditorium, and research center. It is scheduled to open in mid-2005.
