Paris, February 16, 2023
VISIOMED GROUP (FR0013481835 – ALVMG), a group dedicated to innovative health technologies and services, is taking a new step in its establishment in Saudi Arabia, after signing a letter of intent (LOI) and entering into exclusive discussions with the group Abrar Communications Co. (“Abrar”) announced in November 2022
[1]
. In this context, Visiomed Group has decided to create a joint venture with two powerful partners, Abrar and Al-Ghazzawi Group.
The constitution phase of the joint venture which will bring together the Saudi activities of Visiomed Group, in association with Abrar and Al-Ghazzawi Group, has been launched. Following the recent signing of a shareholders’ agreement, announced on the occasion of the publication of 2022 revenue
[2]
,
activity licenses
have been requested. These licenses will make it possible to position themselves on the
prevention, diagnosis and large-scale medical screening markets
key activities of Visiomed Group already successfully developed in Dubai via Smart Salem.
Industrial partners with strong local roots and recognized experience in setting up foreign groups in Saudi Arabia
In order to ensure the success of its conquest of a new major territory, Visiomed Group has made the strategic choice to join forces with two partners with strong local roots. The initial agreement concluded with Abrar was thus extended to Al-Ghazzawi Group.
Founded in 1993, Abrar (www.abrars.co) is a leading Saudi player in the deployment and integration of technological solutions, particularly for the transport, telecommunications, defense and energy sectors. Abrar is an industrial partner recognized for having successfully participated in the establishment of foreign companies in Saudi Arabia (Thales, Motorola among others). The group now employs more than 400 people in Saudi Arabia in Riyadh, Jeddah, Dammam, Madinah and Yanbu.
Al-Ghazzawi Group ( www.ghazzawigroup.com ) is one of the largest family conglomerates in Saudi Arabia involved in particular in the real estate, transport, agro-food, services and telecommunications sectors. The group continually seeks to invest in new projects where it can showcase its skills, experience and expertise in the Saudi market. Its activities have notably led it to develop numerous partnerships with foreign companies (Nokia in particular). Al-Ghazzawi Group now has more than 1,200 employees.
Structure of the joint venture
The company will be 59% owned by Visiomed Group, 36% by Abrar and 5% by Al-Ghazzawi Group.
Visiomed will bring its expertise in the health and prevention sector (medical analysis, radiology, data analysis and processing), as well as its experience in the deployment of innovative medical centers.
Abrar and Al-Ghazzawi Group, as industrial groups deeply rooted in Saudi territory, will play a key role in the establishment of the joint venture through their involvement with local stakeholders (sanitary, real estate and infrastructure, administrative, legal and financial).
The company will be, for this initial phase, capitalized by its shareholders on equity (125 k€ including 74 k€ for Visiomed Group
[3]
), before refining an overall financing plan for the project, including local banking resources, to ensure its development.
A strategic positioning and a first targeted establishment
The segments targeted in priority will be the
Iqama Medical Tests
(Medical Fitness), health tests linked to insurance renewals (a market representing nearly 3.5 million tests per year in Saudi Arabia) and medical prevention check-ups.
The goal is to open
in 2023 a first medical center in Riyadh
in the heart of the financial district, the King Abdullah Financial District (KAFD). Spreading today over 1.6 million m
2
and with more than 80 buildings, including nearly 60 office towers, KAFD enjoys a high density of employees and residents and represents a strategic location for Visiomed Group’s entry into the Saudi market.
Doctor Rafat Samman, founder and CEO of Abrar, and member of the board of the Franco-Saudi Chamber of Commerce, said: ”
In our desire for strategic development in the health sector, we absolutely wanted to find a serious partner in the medical and diagnostic fields. We are honored to partner in this company with our new partner Visiomed Group. The recent rise of Visiomed Group, their strong growth in the United Arab Emirates in ‘Medical Fitness’ and their philosophy focused on prevention lay the groundwork for extremely promising development in Saudi Arabia. We are proud to add Visiomed Group to our circle of industrial partners, including Thales and Motorola. Saudi Arabia is booming and such partnerships allow us to actively participate in the development of our economy.
»
Radwan Samman, Commercial Director of Abrar, says:
The strong growth in demand for prevention systems and medical tests in Saudi Arabia was the decisive factor in our desire to develop in this sector. Visiomed Group becomes our strategic partner in this new market segment. Driven by the vast development and modernization plan of the medical sector of the Ministry of Health, we are convinced that our strategy of setting up in Riyadh and tomorrow in other regions of Arabia will be crowned with success.
. »
Guillaume Bremond, President of Visiomed Group, declares:
“The establishment of a new company in Saudi Arabia is the second phase of our expansion plan in the Middle East. We are honored to be able to launch this project alongside Abrar and Al-Ghazzawi Group, two experienced, top-tier partners. The Saudi market is booming and the demand for fast, digitized and reliable medical services is huge. On the one hand, the population of Saudi Arabia will increase from 36 million inhabitants in 2022 to more than 50 million in 2030. On the other hand, vast investment programs are planned between now and 2030: more than 60 billion of investments in health infrastructure, including $1.5 billion invested in digital transformation, with the participation of private partners as a cornerstone. It was therefore natural for Visiomed Group to set up in Saudi Arabia. »
Thomas Picquette, CEO of Visiomed Group, says:
“We are delighted with the formalization of our collaboration in Saudi Arabia with 2 prestigious industrial partners. The combined know-how of our respective groups will be strong assets in addressing this dynamic market driven by a desire to modernize and democratize access to the prevention and health offer. All of our teams are now working actively to quickly deliver our deployment plan and our vision in Saudi Arabia. »
Visiomed Group will keep the market regularly informed of the progress of this new strategic development.
About Visiomed Group
Created in 2007, Visiomed Group relies on a long experience in the health sector to invest in innovative health technologies and services in France and abroad.
The Group currently has two assets and holdings:
-
Smart Salem, the first digital medical analysis center accredited by the Dubai Ministry of Health (DHA) in the United Arab Emirates, 100% owned by Visiomed Group.
The Smart Salem offer is based on know-how in medical analysis, radiology and data analysis and processing to detect nearly 35 diseases in 7 minutes in a patient (in particular HIV, hepatitis and tuberculosis) by offering reliable results. , readability and exceptional patient experience enabled by advanced artificial intelligence and virtual reality technologies.
Smart Salem’s “Medical Fitness Assessment” offer resulting from this know-how thus makes it possible to obtain a residence or work visa in the space of 30 minutes.
Smart Salem is a technological platform offering many growth opportunities, as shown by the opening of the second center in Dubai in September 2022 and the authorization received for the opening of a third center in the first quarter of 2023.
-
Bewellthy, created in 2022, a leading player in connected health and teleconsultation solutions and 49.88% owned by Visiomed Group.
Bewellthy offers an enriched technological universe combining medical devices, software and “health and well-being concierge” services to meet all the needs and use cases of telehealth.
Bewellthy’s flagship product, VisioCheck, is the 1
time
telemedicine station weighing less than 300g for healthcare professionals, available in case, station or modular health space.
Bewellthy is now deploying its solutions and services in France and abroad, particularly in Italy and the USA.
Based in Paris, Visiomed Group is listed on Euronext Growth (ALVMG). More information on www.visiomed-group.com.
CONTACTS
Jérôme FABREGUETTES LEIB | Fatou-Kine N’DIAYE |
Investor Relations | Financial Press Relations |
Phone: 01 53 67 36 78 | Phone: 01 53 67 36 34 |
© Visiomed Group SA 2023. The brands mentioned are the property of their respective authors. Reproduction prohibited, even partial, without prior authorization.
[1]
Visiomed Group enters into exclusive discussions with the Abrar Communications Co. Group as part of its establishment in the Saudi market
[2]
A historic 2022 marked by exceptional growth (+99%), positive normalized EBITDA and strategic decisions offering great prospects for 2023
[3]
EUR/AED exchange rate = 4.02
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