The World Health Organization (WHO) said the global health sector budget will continue to double until 2030, which represents about 10 percent of gross domestic product. This is credited to the development of devices that contribute to improving human life, especially in advanced health services.
A recent study by the Organization for Economic Cooperation and Development revealed that the healthcare sector in its member states will increase four times by the year 2035.
This significant development in the field of medicine, treatment and healthcare has become an important part of the interests of Arab Gulf countries.
This was evident at the Arab-German Health Forum held by the Arab-German Chamber of Commerce and Industry, in partnership with the United Arab Emirates, in Berlin. The event was attended by over 200 business and medical specialists from the Gulf and Germany.
Gulf countries are known for striving to keep their health sector at the global level. The Gulf plans to raise its spending to about $105 billion by 2022, which will include treatment, rehabilitation and diagnosis services through extensive use of medical technology and digitization.
Saudi Arabia has since 2010 allocated around 13 percent of its annual budget for the development of the health sector. This figure reached $43 billion in 2015.
Gatherers at the Arab-German Health Forum focused on strengthening Arab-German cooperation and partnership in the healthcare sector, in light of the growing Arab investments in this sector.
During the Forum, the UAE announced the establishment of the Sharjah Medical City as the largest in the Middle East.
Director of the Sharjah Health Authority, Dr. Abdul Aziz al-Muhairi said the project will cover 25 million square feet in a vital location near Sharjah Airport, about 30 minutes from Dubai International Airport.
The city aims to enrich investments in the health sector and provide distinctive health services to not only UAE residents, but patients and visitors from the Gulf, Middle East and North Africa region.
Speaking to Asharq Al-Awsat, Muhairi expected Sharjah to become an investment hub in healthcare. Investors will enjoy special privileges in duty free zones, such as tax exemptions.
Construction of the Sharjah Medical City will begin during the second quarter of 2018 and it will be complete in about two years.
