Wellness startup Valeo gets pulses racing in Saudi healthcare market

Valeo aims to fill the gap of complicated or inconvenient healthcare experiences and empower its users to check on their health continuously. (Supplied)
Valeo aims to fill the gap of complicated or inconvenient healthcare experiences and empower its users to check on their health continuously. (Supplied)
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Updated 11 July 2023
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Wellness startup Valeo gets pulses racing in Saudi healthcare market

Wellness startup Valeo gets pulses racing in Saudi healthcare market
  • Firm expands on growing need for on-demand preventive healthcare services

CAIRO: Dubai-based wellness startup Valeo has made deep inroads into Saudi Arabia with the growing acceptance of telemedicine, remote monitoring and convenient health management in the Kingdom.

The company has expanded to Riyadh, Dammam, Jeddah and Makkah since its launch in January, offering at-home blood testing facilities and health supplements.

“We have launched at-home blood testing services in the major cities of Saudi Arabia and supplements across all cities,” Sundeep Sahni, CEO and co-founder, told Arab News.

The company has been expanding in the Kingdom because of a growing need for on-demand preventive healthcare services.

HIGHLIGHT

According to the US-based International Trade Administration, Saudi Arabia accounts for 60 percent of the Gulf Cooperation Council countries’ healthcare expenditure, and the sector remains a top priority for the government.

According to the US-based International Trade Administration, Saudi Arabia accounts for 60 percent of the Gulf Cooperation Council countries’ healthcare expenditure, and the sector remains a top priority for the government.

In 2022, the Saudi Ministry of Health launched the Health Sector Transformation Program, part of Vision 2030, ensuring continued healthcare services and infrastructure improvement.

“Valeo can benefit from national programs like Vision 2030’s Quality of Life & Health Transformation Program and the emphasis on telemedicine and remote healthcare,” said Sahni.

The other important factor for the demand is the increase in life expectancy from 76.4 years in 2019 to 81.8 years. Concurrently, the population is also expected to grow from 34.3 million in 2019 to 39.4 million by 2030 are key drivers of infrastructure demand.

At the same time, the increase in life expectancy is creating a need for long-term care facilities, rehabilitation and home healthcare services.

“Our goal is to make health convenient and empower individuals to care for themselves,” said Sahni, adding that he is planning to expand to more cities in the Kingdom and provide a broader range of services other than those they are already providing.

“For our at-home blood tests, the plan is to expand to a new city every month and eventually cover the whole country,” he added.

Our goal is to make health convenient and empower individuals to care for themselves.

Sundeep Sahni, Valeo CEO and co-founder

The company believes personalized and targeted health solutions are essential in promoting better health outcomes.

“We will identify the specific services and features that are most valuable to the local population, and we will incorporate them into our offerings,” Sahni added.

The Kingdom has been actively investing in developing its healthcare infrastructure and services to improve accessibility, quality and patient outcomes.

“One key aspect that stands out is the Saudi government’s commitment to investing in healthcare, reflected in initiatives such as the Saudi Vision 2030,” Sahni said.




Sundeep Sahni, Valeo CEO and Nadine Karadag, Valeo COO. (Supplied)

Under Vision 2030, the country aims for a 3 percent reduction in obesity and a 10 percent decrease in diabetes prevalence by 2030.

“Such initiatives create a favorable environment for innovative healthcare companies like ours to contribute to developing and delivering cutting-edge solutions,” he added.

Sahni further emphasized that the increase in chronic diseases in the Kingdom presents both a challenge and an opportunity.

For instance, diabetes prevalence alone has increased by 99 percent in Saudi Arabia to 2.7 million in 2019 from 1.4 million cases in 2009, according to the World Bank.

“The rise in healthcare demand calls for advanced technologies, digital health solutions and patient-centric approaches to improve efficiency, cost-effectiveness and overall healthcare outcomes,” he explained.

Valeo’s presence in Saudi Arabia aligns with its growth strategy and allows it to leverage favorable market conditions.

“Our main offerings consist of at-home blood test packages curated to suit different profiles and health goals such as women’s health, men’s health, fitness, weight loss, food intolerances and more,” said Sahni.

He added: “We also provide a selection of grade-A supplements based on international manufacturing standards delivered straight to your doorstep.”

The healthcare firm also offers intravenous drips and physiotherapy sessions. Its recently launched treatment focuses on tackling specific needs such as hair loss or skin care.

“The journeys are designed to provide a comprehensive approach to solving specific issues from customized testing to connecting you with the right expert and recommending the right products all in one place,” Sahni further explained.

Through its services, Valeo aims to fill the gap of complicated or inconvenient healthcare experiences and empower its users to check on their health continuously.

Furthermore, the company aims to strengthen its presence in the Kingdom through strategic partnerships and collaborations to empower the digital health sector.

“Collaboration and partnerships are vital in the healthcare market and we are actively seeking opportunities to collaborate with local providers, government entities, and other stakeholders,” Sahni said.

“By working together, we believe we can leverage each other’s strengths to drive innovation, improve healthcare access, and ultimately positively impact the health and well-being of the Saudi population,” he added.

The company currently has a team of 40 people spanning the UAE, India, Lebanon and Saudi Arabia, in addition to co-founder Nadine Karadag.

Valeo also has a presence in Riyadh and plans to have an office in the city by the end of the year.

The wellness startup received $3 million in its latest funding round with investors such as DFDF, Global Ventures, Nuwa Capital, Global Founders Capital, Sanabil 500 and FJ Labs.

 

 


Saudi Arabia’s real estate supply reservations more than double

Saudi Arabia’s real estate supply reservations more than double
Updated 06 December 2023
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Saudi Arabia’s real estate supply reservations more than double

Saudi Arabia’s real estate supply reservations more than double

RIYADH: Citizens in Saudi Arabia are gaining greater access to residential units as the real estate supply reservations surged 110 percent year on year in November to reach 12,503, according to new figures.    
The Kingdom’s National Housing Co. announced that residential units were sold at competitive prices starting from SR250,000 ($66,649) compared to the previous year’s rates, in which the lowest contract amounted to SR321,000 per residential unit, the Saudi Press Agency reported.
This falls in line with the Gulf country’s plans and strategies to launch several extensive residential projects in order to achieve a balance between population growth and rapid urban expansion.   
This also comes as the rise in population density has led to increased demand for housing, meaning the Kingdom is working to boost the real estate supply to meet this need, aligning with a sustainable urban approach.
This rapid increase in reservations is mainly attributed to the launch of a number of residential projects in various regions, the most prominent of which is the inauguration of the Al-Fursan Suburb in Riyadh which aims to provide the largest real estate supply with a high level of quality and luxury. Other projects include the Sadayem Suburb which was launched in Jeddah along with many housing schemes in distinctive locations within the main cities.
In fact, the number of residential projects reached 46 during 2023, thereby cementing Saudi Arabia’s innovative model for real estate development.
National Housing Co. is the leader and enabler of the real estate development sector and the largest major developer of suburbs and residential communities in the Kingdom characterized by quality of life.  The company pumps more than 300,000 housing units into eight suburbs and six residential communities on an area of more than 120 million sq. meters, accommodating more than 1 million citizens.
It seeks to find solutions to secure supply chains with high quality and more sustainable construction materials, as part of the company’s keenness to increase the real estate supply with residential options according to international standards.
All the firm’s efforts are directed to achieving the goals of the housing program by raising the percentage of residential ownership for Saudi families to 70 percent by 2030.


Council of Ministers to approve Saudi general budget on Wednesday

Council of Ministers to approve Saudi general budget on Wednesday
Updated 05 December 2023
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Council of Ministers to approve Saudi general budget on Wednesday

Council of Ministers to approve Saudi general budget on Wednesday

RIYADH: Saudi Arabia’s Council of Ministers will hold a session on Wednesday to approve the Kingdom’s general budget for the new fiscal year, Saudi Press Agency reported on Tuesday.

A preliminary budget statement issued in October showed predictions of real gross domestic product growing by 0.03 percent this year compared with a previous forecast for growth of 3.1 percent.

The document also projected the government would post a budget deficit of 1.9 percent of the gross domestic project in 2024, 1.6 percent of GDP in 2025, and 2.3 percent of GDP in 2026.

The statement said “limited budget deficits” would continue in the medium term.

Meanwhile, total expenditure was seen as rising to SR1.262 billion in 2023, from an earlier estimate of SR1.114 billion, before slowing down marginally to SR1.251 billion in 2024.

A government press conference will be held on Wednesday, with the participation of Minister of Finance Mohammed Al-Jadaan, during which he will address the state’s general budget for the next fiscal year, and the numbers and indicators of the contents of the budget will be announced.
The finance minister will also answer questions during the conference, which will be broadcast live on Saudi channels.


Saudi Arabia offers tax incentives for companies moving regional HQs to Riyadh

Saudi Arabia offers tax incentives for companies moving regional HQs to Riyadh
Updated 05 December 2023
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Saudi Arabia offers tax incentives for companies moving regional HQs to Riyadh

Saudi Arabia offers tax incentives for companies moving regional HQs to Riyadh

RIYADH: Saudi Arabia said on Tuesday it will offer tax incentives for foreign companies that locate their regional headquarters in the Kingdom, including a 30-year exemption for corporate income tax.

The tax incentives include zero income tax for foreign entities that move their regional headquarters in the Kingdom, and these benefits can be availed from the date of the regional headquarters issuance license, according to Saudi Arabia’s Ministry of Investment. 

Saudi Arabia’s program to attract foreign companies to open their regional headquarters in the Kingdom is a joint initiative between the Ministry of Investment and the Royal Commission for Riyadh City. 

The regional headquarters program aims to encourage international companies to open their regional headquarters in the Middle East and North Africa region in Saudi Arabia, and to materialize that the Kingdom is offering a wide range of benefits and incentives. 

Saudi Arabia’s Minister of Investment Khalid Al Falih said that Saudi Arabia is offering more incentives to foreign companies which open their regional headquarters in the Kingdom which includes special benefits for firms complying with Saudization requirements. 

He added that the friendly business environment in Saudi Arabia has made over 200 companies relocate their headquarters to the Kingdom. 

Saudi Finance Minister Mohammed Al-Jadaan said: “The new tax exemptions, granted on the activities of regional headquarters of international companies in the Kingdom will give these firms more clarity of vision and stability, which will enhance their capabilities for future planning and expanding their business in the region, starting from the Kingdom,” Al-Ekhbariya reported. 

Earlier in November, Al-Falih said that Saudi Arabia has already surpassed the targets of the regional headquarters program which aimed to attract 160 international firms by the end of this year. 

In an interview with Bloomberg, Al-Falih noted that the regional headquarters program is a long journey and added that the Kingdom is working with international entities to create the right ecosystem to open their offices in Saudi Arabia. 

Some of the noted companies that opened their regional headquarters in Saudi Arabia in recent months are PwC Middle East and GE Healthcare. 

He also added that Saudi Arabia is a stable destination for international investors, at a time of geopolitical tensions and economic headwinds. 


Riyadh, Doha sign multiple deals across various sectors

Riyadh, Doha sign multiple deals across various sectors
Updated 05 December 2023
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Riyadh, Doha sign multiple deals across various sectors

Riyadh, Doha sign multiple deals across various sectors

RIYADH: Saudi Arabia and Qatar have signed multiple agreements and memorandums of understanding as both nations continue to strengthen their relationship. 

These deals, which are expected to enhance trade and economic relationships between Saudi Arabia and Qatar, were signed during the 44th Gulf Cooperation Council Summit in Doha on Tuesday. 

Saudi Arabia’s sovereign wealth fund and the Qatar Investment Authority signed an MoU to accelerate investments in the energy and infrastructure sector, according to a report by the Qatar News Agency.

Another MoU was signed between Saudi Arabia’s Digital Government Authority and Qatar’s Ministry of Communications and Information Technology to promote cooperation between the two nations in the field of digital governance. 

Saudi Arabia’s Prince Saud Al-Faisal Institute for Diplomatic Studies signed an additional MoU with Qatar’s Diplomatic Institute of the Ministry of Foreign Affairs to cooperate in the field of diplomatic training. 

The Saudi Central Bank, also known as SAMA, signed an MoU with its counterpart in Qatar for cooperation between financial institutions. 

Another agreement was signed between the Saudi Authority for Intellectual Property and Qatar’s Ministry of Commerce and Industry to further collaborate in the field of intellectual property. 

An additional cooperation agreement was signed between the Saudi Broadcasting Authority and Qatar Media Corporation to develop relations in the radio and television industries. 

The two countries also signed a memorandum of understanding for cooperation in the fields of sports. 

On Dec.4, foreign ministers of Qatar and Saudi Arabia held a meeting in Doha to develop bilateral relations. 

“Today we held the first meeting of the executive committee of the Qatari-Saudi Coordination Council in Doha, where we discussed ways to develop bilateral relations within the framework of the executive committee,” said Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani, who is also the country’s prime minister. 

During the meeting, Saudi Foreign Minister Prince Faisal bin Farhan and Al-Thani discussed ways to deepen cooperation in areas of mutual interest. 


COP28 president hails global leaders’ practical initiatives at final dialogue

COP28 president hails global leaders’ practical initiatives at final dialogue
Updated 05 December 2023
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COP28 president hails global leaders’ practical initiatives at final dialogue

COP28 president hails global leaders’ practical initiatives at final dialogue

RIYADH: COP28 President Sultan Al-Jaber has applauded world leaders for their practical initiatives during the final dialogue, expressing optimism for the continued “open mindset” throughout the remainder of COP.  

This comes as high-level dialogues between the COP28 Presidency and the International Energy Agency received a strong endorsement of practical actions. 

The conclusion of the dialogues, co-chaired by Al-Jaber and the executive director of the IEA, Fatih Birol, marked a significant achievement, bringing together over 40 high-level leaders, including four heads of state and 18 heads of delegation and ministers from diverse regions.  

Al-Jaber said: “I am encouraged by the practical actions brought forward by world leaders today at the final dialogue, and I hope that you take this open mindset and optimism throughout this COP.” 

Addressing the significance of the dialogues, Al-Jaber emphasized the need for collaboration, stating: “This series of dialogues has allowed us to converge on the critical elements of the just energy transition. The transition will not be straightforward, but it will be harder if we cannot agree on its central components.”  

Birol echoed this sentiment, expressing satisfaction at the alignment and support for the IEA’s five goals for COP28.  

These goals include tripling renewable capacity and doubling energy efficiency by 2030, a structured decline in fossil fuel use, commitment from the oil and gas industry to align with 1.5 degrees, and financing mechanisms for clean energy in developing countries. 

The leaders showed strong support for the COP28 presidency’s Global Renewables and Energy Efficiency Pledge, with over 110 countries signing up to the initiative.   

Urgency on the coal front emerged as a key consensus, with a focus not only on preventing new unabated coal plants but also on accelerating the retirement of existing facilities. 

As the final dialogue unfolded during the World Climate Action Summit as part of COP28 in Dubai, heads of state, government leaders, and international organizations convened to solidify their commitment to an orderly energy transition.  

Al-Jaber urged participants to carry the open mind and optimism demonstrated during the final dialogue throughout COP28, reinforcing the importance of collective action in addressing the pressing challenges of our time.  

This positive momentum sets the stage for further deliberations and collaborative efforts at COP28 UAE, hosted at Expo City Dubai till Dec. 12.