A Saudi doctor saw his fortune close in on $12 billion on Thursday as shares of his healthcare firm rebounded, returning him to the ranks of the Middle East’s wealthiest private individuals.
Shares in Sulaiman Al Habib’s eponymous company have surged 30% since hitting a one-year low in October. That’s made Al Habib — who founded the firm and holds a 40% stake — the third-richest person in the Middle East who’s not a member of a royal family, according to the Bloomberg Billionaires Index.
The stock has risen sixfold since its initial public offering in 2020, putting it in touching distance of a record high. Since the listing, the shares have outperformed the benchmark Tadawul index, which has doubled in that period.
The billionaire, who is in his early 70’s, grew the $28 billion healthcare chain from a single clinic opened in 1993 to a company that operates 22 medical facilities and 22 pharmacies across Saudi Arabia, the UAE and Bahrain. The firm has 10 hospitals and medical centers under development.
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