{"id":93915,"date":"2025-01-30T00:00:00","date_gmt":"2025-01-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/30\/fakeeh-health-acquires-dubai-based-medicentres\/"},"modified":"2025-01-30T00:00:00","modified_gmt":"2025-01-30T00:00:00","slug":"fakeeh-health-acquires-dubai-based-medicentres","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/30\/fakeeh-health-acquires-dubai-based-medicentres\/","title":{"rendered":"Fakeeh Health acquires Dubai-based MediCentres"},"content":{"rendered":"

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M&A-<\/p>\n

<\/strong>Tadawul-listed Fakeeh Care Gr<\/strong>oup\u2019s subsidiary <\/strong>Fakeeh Health<\/a><\/strong> acquired 100% of <\/strong>Dubai-based <\/strong>MediCentres<\/a><\/strong> from <\/strong>Everest Health Investments<\/a><\/strong> for an undisclosed sum, according to a press release<\/a>. Medicenters \u2014 a primary care clinic network \u2014 is now Fakeeh Medicentres. <\/p>\n

About MediCentres:<\/strong> MediCentres operates clinics in Motor City, Jumeirah Park, Al Furjan and Dubai Silicon Oasis, and Dubai Mall. The network of clinics offers comprehensive medical and dental services including pediatrics, physiotherapy, dermatology, among other fields, according to its webpage. <\/p>\n

ICYMI-<\/strong> Fakeeh Care took a 21.5% stake to market<\/a> in June 2024 through an offering of both new and existing shares. The IPO was priced top of the range, giving the family business a market cap of 13.3 bn at listing. The Abu Dhabi Investment Authority, the UAE\u2019s largest sovereign wealth fund, was a cornerstone investor in the IPO, committing to subscribing<\/a> to 1.04 mn shares.<\/p>\n

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BANKING-<\/p>\n

STC Ban<\/strong>k is now a full digital bank:<\/strong> STC Bank<\/a>, a subsidiary of the Saudi Telecom Company, officially rolled out its digital banking services after receiving the green light from the Saudi Central Bank (Sama), according to a disclosure to Tadawul<\/a>. STC Bank, previously operating as STC Pay, will now function as a full digital bank, after it had been running under a beta phase<\/a> since April 2024.<\/p>\n

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DEBT WATCH-<\/p>\n

BinDawood Hold<\/strong>ing lined up a three-year, SAR 300 mn Shariah-compliant Murabaha <\/strong>loan <\/strong>with Emirates NBD KSA <\/strong>to fund a portion of its acquisition of Zahrat Al Rawdah Pharma, it said in a disclosure<\/a> to Tadawul. <\/p>\n

REMEMBER-<\/strong> BinDawood Holding, which operates supermarket chains BinDawood and Danube, signed a sale and purchase agreement<\/a> for the full acquisition of Zahrat Al Rawdah Pharma for SAR 444.1 mn from Kawakeb Al Saydailyat back in November. The acquisition will allow BinDawood to include pharma products at its retail outlets, expanding its footprint in the health and wellness sector.<\/p>\n

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STARTUP WATCH-<\/p>\n

Saudi-based<\/strong> PropTech startup <\/strong>Nabeeh<\/a><\/strong> received an undisclosed investment from <\/strong>Ibtikar<\/a><\/strong>Fund<\/a><\/strong>, <\/strong>which will be used to expand its user base and enhance its platform, Wamda<\/a> reports. Founded in Palestine in 2021 by Saber Samara and Fawaz Samara, Nabeeh provides technology-driven solutions for maintenance and cleaning services, targeting property owners, real estate operators, and multi-branch businesses.<\/p>\n

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DISPUTE WATCH-<\/p>\n

Riyadh's Commercial Court ruled in favor of Al Fakhera Men\u2019s Tailoring CEO Sulaiman <\/strong>bin Hamad Al Yahya, <\/strong>citing lack of authority to handle the case seeking 58% of his ownership in the company, the company said in a disclosure to Tadawul<\/a>. Al-Yahya owns 71.25% of Al Fakhera Men following its IPO on the Nomu-Parallel Market<\/a>.<\/p>\n

REMEMBER-<\/strong>Al Yahya is facing three other lawsuits<\/a> that could lead to a SAR 365k financial impact on the company. While the ruling is subject to appeal, Al-Fakhera assured that there is no significant risk to the Chairman\u2019s position.<\/p>\n

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TOURISM-<\/p>\n

Baheej launches SAR 500 mn tourist project in Yanbu: <\/strong>Baheej \u2014 a JV between Asfar, PIF\u2019s Saudi Tourism Investment Company, and the Tamimi-AWN Alliance, broke ground on its SAR 500 mn tourist project in Yanbu,<\/strong> SPA<\/a> reports. The project includes a tourist resort, luxury hotel, diving academy, and marina.<\/p>\n

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LOGISTICS-<\/p>\n

Matternet\u2019s M2 delivery drones coming to the Kingdom:<\/strong> US-based delivery drone developer Matternet<\/a> received regulatory approval from the General Authority for Civil Aviation to operate its flagship M2 drone in Saudi Arabia, according to a press release<\/a>.<\/p>\n

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BUSINESS-<\/p>\n

The Royal <\/strong>Commission for Jubail and Yanbu signed several agreements <\/strong>with public and <\/strong>private sector entities<\/strong> at Yanbu Industrial City, according to state news agency SPA<\/a>. The agreements include:<\/p>\n