Al-Faisaliah, Philips set up Saudi venture

Royal Philips and Al-Faisaliah Medical Systems (FMS), a subsidiary of Al-Faisaliah Group, recently celebrated the official opening of Philips Healthcare Saudi Arabia Ltd., a 50-50 joint venture to market and sell Philips Healthcare solutions and services in the Kingdom of Saudi Arabia.
The partnership marks an important milestone in Philips and FMS’ mutual commitment to raise the standards of health care in the country.
Deborah DiSanzo, CEO, Philips Healthcare and Prince Mohammed bin Khaled Al-Abdullah Al-Faisal, president and CEO of the Al-Faisaliah Group, commemorated the launch at a ribbon-cutting ceremony in Riyadh.
Following the signing of the agreement in September 2012, Frans van Houten, CEO, Royal Philips and Mohammed bin Khaled Al-Abdullah Al-Faisal.
“We are determined to move ahead and begin working with Philips to provide solutions that will contribute to the advancement of health care services in Saudi Arabia,” said Mohammed bin Khaled Al-Abdullah Al-Faisal.
“Through this partnership, we will be able to focus our efforts and expertise toward meeting specific requirements and challenges faced by the industry,” he said.
The partnership will combine Philips’ strong portfolio, including medical imaging systems, patient monitoring devices and clinical information solutions, with FMS’ recognized knowledge of the market requirements and strong position in Saudi Arabia.
The Saudi Arabian health care market is estimated to grow by 8 percent annually between 2013 and 2017, driven by targeted government spending on health services and hospital infrastructure.
In addition, the new company will facilitate the development of the next generation of skilled Saudi health care professionals through dedicated education and training programs.
“As a leader in providing innovative and patient-centric health care solutions, Philips is intent on delivering against the unique needs of Saudi Arabia. Through the exchange of knowledge with Al-Faisaliah Medical Systems, we can bring tailored, meaningful innovations in products and services, including design and education to Saudi Arabia,” said Deborah DiSanzo.
“This is a significant step toward positively impacting the health and well-being of the nation, as well as driving forward the government’s vision to transform their health care services.”
Saudi Arabia is currently undergoing a nation-wide transformation led by the government’s commitment to build and renew its infrastructure in the areas of health care, education, housing, and energy diversification.