Saudi Arabia has long churned out fortunes built on oil and the business surrounding it. That’s changing dramatically as new business empires boom.
A hospital group is set to become the kingdom’s biggest listing of the year, turning its two top shareholders into billionaires. Brothers Mazen and Ammar Fakeeh, the sons of the physician who founded the Dr. Soliman Abdul Kader Fakeeh Hospital Co., will have a combined fortune of at least $2.5 billion after the sale, while their sister Manal will be worth some $600 million, according to the Bloomberg Billionaires Index.
It’s the latest example of rapid wealth creation in the Saudi health-care industry, which has already given the kingdom its second-richest person. Crown Prince Mohammed bin Salman’s push to make the economy less dependent on oil and turn Riyadh into another financial hub has led to a boom in initial public offerings that shows no sign of abating.
“Health care remains a key target for long-term privatization,” said Christine Kalindjian, an analysts at Arqaam Capital, adding that the kingdom aims to become self-sufficient in areas including generic drugs. “Family businesses line up to list stakes.”
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