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Saudi Healthcare Sector Posts $1.3 Billion in Profits for 2024 Amid Strong Growth

A woman checks her glucose level at a hospital in Riyadh. (Healthcare company)
A woman checks her glucose level at a hospital in Riyadh. (Healthcare company)
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Saudi Healthcare Sector Posts $1.3 Billion in Profits for 2024 Amid Strong Growth

A woman checks her glucose level at a hospital in Riyadh. (Healthcare company)
A woman checks her glucose level at a hospital in Riyadh. (Healthcare company)

Saudi Arabia’s listed healthcare companies delivered robust financial performance in 2024, reporting a combined net profit of SAR4.86 billion ($1.3 billion), according to data from the Saudi Stock Exchange (Tadawul). The figure marks a 13.65% increase from SAR3.95 billion ($1.1 billion) in 2023, driven by higher revenues, operational transformation, and improved efficiencies across the sector.

Total revenues for the year also rose significantly, reaching SAR33.87 billion ($9 billion), up 16.7% from SAR29.02 billion ($7.7 billion) the previous year. Industry analysts attribute this growth to a surge in outpatient visits, pharmacy sales, and a continued push for digital transformation.

The sector comprises 11 publicly listed companies, including Dr. Sulaiman Al Habib Medical Group, Mouwasat Medical Services, Dallah Healthcare, Al Hammadi, Care, Saudi Chemical Company (AJA Pharma), Saudi German Health, Fakeeh Care, Al Moosa Health, Dar Al Dawa, and Ayyan Investment.

According to data from the Ministry of Investment, the private sector currently provides 24% of healthcare services in the Kingdom, while government institutions account for 60%. The remaining 16% is covered by other public entities. As part of Vision 2030, Saudi Arabia has launched wide-ranging reforms aimed at increasing private sector involvement and shifting healthcare financing toward an insurance-based model.

The Ministry of Health is transitioning from its traditional role as a healthcare provider to that of the sole regulator. The National Transformation Program aims to raise the private sector’s contribution to total healthcare spending from 25% to 35%. These reforms have created fertile ground for new investment, with more than SAR50 billion ($13.3 billion) in healthcare commitments announced during the Global Health Exhibition in Riyadh last October.

Top Performers in 2024

Sulaiman Al Habib Medical Group led the sector with SAR2.31 billion in net profit—accounting for 47.6% of total industry earnings. The group’s profits rose 13.16% year-on-year, supported by a 17.8% increase in revenue, which reached SAR11.2 billion in 2024. The company attributed the growth to higher patient volumes in its hospital network and a corresponding rise in pharmacy sales.

Mouwasat Medical Services ranked second, reporting SAR645.76 million in profits. Despite a slight 1.81% decline from 2023, the company grew its revenue by 6.4% to SAR2.87 billion. Mouwasat cited an increase in outpatient visits and higher occupancy rates in inpatient wards as key drivers, alongside improved operational efficiency.

Dallah Healthcare secured third place with SAR471.2 million in profit, reflecting a strong 30.84% year-on-year increase. Revenues rose 8.93% to SAR3.2 billion. The company attributed its success to improved gross margins, increased efficiency, and better performance from affiliated firms.

Other notable performances included Saudi German Health, which reported a staggering 1,555% surge in profits, and Saudi Chemical Company’s healthcare division (AJA Pharma), which posted a 59.21% increase in earnings.

Analysts: A Standout Year for the Sector

Commenting on the sector’s performance, Dr. Sulaiman Al-Humaid Al-Khaldi, a financial analyst and member of the Saudi Economic Association, described 2024 as an exceptional year for Saudi healthcare. “The results reflect the success of strategic health reforms under Vision 2030,” he said, noting government support, rising demand, and digital transformation as key contributors.

He highlighted several growth factors, including increased public health spending, the rollout of digital health and preventive care initiatives, rising life expectancy, and growing public awareness of health services. “Demand for comprehensive and specialized care is increasing, and the sector is rising to meet it,” Al-Khaldi said.

He also emphasized the government’s commitment to digital healthcare, pointing to investments in telemedicine, unified health records, and artificial intelligence in diagnostics and treatment.

Outlook and Challenges

Mohammed Hamdi Omar, CEO of consulting firm G-World, expects the sector’s momentum to continue. He forecasts profit growth between 12% and 14% in Q2 and Q3 of 2025, rising to 14%–16% by Q4 2025 and early 2026. He pointed to ongoing privatization efforts, increased insurance coverage, and further investment in digital health tools as primary drivers.

“The sector is benefiting from operational efficiency and an expansion of specialized services,” Omar said. He added that government support—estimated at SAR51.75 billion ($13.8 billion)—has improved the investment environment and extended insurance coverage.

However, both analysts cautioned about potential risks, including shortages in qualified medical professionals, rising costs, and regulatory changes. They emphasized the importance of aligning with Vision 2030 by investing in innovation, digital transformation, and specialized services.

“Healthcare is no longer just a public service,” Omar said. “It’s becoming a strategic pillar of Saudi Arabia’s economic development and a gateway for medical tourism and global competitiveness.”

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Business

TotalEnergies Output Down 15%; Operations at SATORP Refinery in Saudi Arabia Are Normal

FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen on a gas station in Drancy, France March 17, 2025. REUTERS/Abdul Saboor/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen on a gas station in Drancy, France March 17, 2025. REUTERS/Abdul Saboor/File Photo
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TotalEnergies Output Down 15%; Operations at SATORP Refinery in Saudi Arabia Are Normal

FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen on a gas station in Drancy, France March 17, 2025. REUTERS/Abdul Saboor/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen on a gas station in Drancy, France March 17, 2025. REUTERS/Abdul Saboor/File Photo

TotalEnergies has lost 15% of its oil and gas output as the US-Israeli war with Iran shuts fields across the Middle East, including in the UAE, Qatar and Iraq, the French oil major said on its investor website.

That output accounts for ⁠about 10% of ⁠Total's upstream cash flow, it added.

Total said its offshore production in the UAE is shut. The UAE produces around half its oil output from offshore fields.

The French firm said income from an $8 per barrel rise in oil prices that has occurred as a consequence of the ⁠war would ⁠more than offset the loss of output in the Middle East this year as it brings online additional production elsewhere.

Operations at its SATORP refinery in Saudi Arabia are normal, it added.

The impact of shutdowns in Qatar of liquefied natural gas production are limited to two million tons of LNG for Total.

Business

Oil Unlikely to Hit $200 a Barrel, US Energy Chief Says

A foreign tanker carrying Iraqi fuel oil damaged after catching fire in Iraq's territorial waters, following unidentified attacks that targeted two foreign tankers, according to Iraqi port officials, near Basra, Iraq, March 12, 2026. REUTERS/Mohammed Aty
A foreign tanker carrying Iraqi fuel oil damaged after catching fire in Iraq's territorial waters, following unidentified attacks that targeted two foreign tankers, according to Iraqi port officials, near Basra, Iraq, March 12, 2026. REUTERS/Mohammed Aty
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Oil Unlikely to Hit $200 a Barrel, US Energy Chief Says

A foreign tanker carrying Iraqi fuel oil damaged after catching fire in Iraq's territorial waters, following unidentified attacks that targeted two foreign tankers, according to Iraqi port officials, near Basra, Iraq, March 12, 2026. REUTERS/Mohammed Aty
A foreign tanker carrying Iraqi fuel oil damaged after catching fire in Iraq's territorial waters, following unidentified attacks that targeted two foreign tankers, according to Iraqi port officials, near Basra, Iraq, March 12, 2026. REUTERS/Mohammed Aty

US Energy Secretary Chris Wright said on Thursday that oil prices are unlikely to reach $200 a barrel, with President Donald Trump touting US gains from higher prices as the war with Iran disrupted traffic through the Strait of Hormuz.

"I would say unlikely, but we are focused on the military operation and solving a problem," Wright told CNN when asked if prices would reach $200 a barrel - a level that an Iranian official said prices could hit if the war further escalates, Reuters reported.

Wright's use of the word "unlikely" was a veiled concession that a spike to $200 was possible, though he repeated that the price jump would be weeks not months.

Brent oil hit all-time highs in 2008 of around $147 per barrel, on tension between the West and Iran over its nuclear program, a weak US dollar, and inflation fears.

This time analysts say oil prices could remain high because of the strait's unprecedented shuttering.

"Get ready for the oil barrel to be at $200 because the oil price depends on the regional security which you have destabilized," Ebrahim Zolfaqari, the spokesperson for Tehran's Khatam al-Anbiya military command headquarters, said on Wednesday.

Wright told CNN: "We're in the midst of a significant disruption in the short term to fix the security of energy flow for the long term." The administration was focused on "pragmatic solutions ... to get through these few weeks of tight energy supply," he said.

Trump wrote in a social media post: "The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money." He said he was more focused on stopping Iran from having nuclear weapons.

On Wednesday, Trump urged oil companies to travel through the strait despite the risks. "I think they should use the strait," Trump said. Asked if Iranian mines were in the strait, he added: "We don't think so."

Wright told CNBC on Thursday that the US Navy cannot escort ships through the Strait of Hormuz now but it was "quite likely" that could happen by the end of the month.

On Wednesday, more than 30 countries in the International Energy Agency agreed to the biggest-ever coordinated drawdown of global oil reserves of 400 million barrels, about 40% of which will come from the United States.

The war has forced Middle East Gulf countries to cut total oil production by at least 10 million barrels per day, about 10% of world demand. The IEA said on Thursday that is the biggest oil supply disruption in the history of the global market.

The US will release 172 million barrels of oil from the Strategic Petroleum Reserve, which Wright on Thursday said would be swapped with more than 200 million barrels that will be put back in the reserve within a year.

Wright told CNBC the energy shortages were less likely to affect the United States and other Western Hemisphere countries. "There's no shortage or even really tight oil market in the Western Hemisphere. The issue's in Asia."

US gasoline prices continue to spike 13 days into the war at an average of $3.60 per gallon, according to AAA. Rising oil prices are also likely to boost the costs of other goods, with the closed strait also stalling shipments of fertilizer ingredients and likely raising prices on household items that could hit consumers for months.

Trump had campaigned on lower gasoline and other prices, with Americans set to vote this November in midterm elections that will decide whether his fellow Republicans keep control of Congress.

Business

Saudi Arabia Named Top 10 Global Mining Investment Destination

A view of the skyline of the Saudi capital, Riyadh (SPA)
A view of the skyline of the Saudi capital, Riyadh (SPA)
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Saudi Arabia Named Top 10 Global Mining Investment Destination

A view of the skyline of the Saudi capital, Riyadh (SPA)
A view of the skyline of the Saudi capital, Riyadh (SPA)

Saudi Arabia has been named among the world’s top ten mining investment destinations in the Fraser Institute’s Annual Survey of Mining Companies 2025, one of the most respected global benchmarks for assessing mining investment environments and a key reference for international investors.

The report shows that the Kingdom’s mining sector has capped an unprecedented rise on the main ‘Investment Attractiveness Index,’ climbing 13 positions and improving its score by 14.3% within a single year, becoming the only Asian jurisdiction ranked among the world’s top ten mining destinations in 2025, SPA reported.

This milestone reflects a remarkable transformation of the Kingdom’s mining sector, rising from 104th place in 2013 to 23rd in 2024, and now firmly establishing Saudi Arabia as a top ten global destination for mining investment.

This global recognition is based on strong gains in the two fundamental sub-indices. In the ‘Policy Perception Index,’ Saudi Arabia jumped from 20th place last year to 4th globally, scoring 94.99. In the ‘Mineral Potential Index,’ it grew from 24th to 16th, with a score of 73.33. These results reinforce the Kingdom’s message that its investment competitiveness rests on two interlinked criteria: promising geological resources and a modern regulatory framework supported by clear and efficient governance.

Across the detailed policy criteria, Saudi Arabia achieved exceptional results, ranking first globally in three key categories. The Kingdom ranked first globally in ‘Uncertainty Concerning the Administration & Regulations,’ reflecting clarity of mining regulations and executive administration, It recorded a remarkable 558% improvement, driven by the implementation of the new Mining Investment Law and its legal system, the establishment of ESNAD (Saudi Mining Services Company) to strengthen oversight and compliance, and the automation of licensing procedures through the Ta’adeen digital platform.

Saudi Arabia also ranked first globally in ‘Regulatory Duplication and Inconsistencies,’ reflecting success in coordinated efforts across government entities. In addition, the Kingdom ranked first globally in the ‘Taxation Regime,’ strengthening investor confidence and improving the financial competitiveness of mining projects.

In related indicators, Saudi Arabia ranked second globally in ‘Uncertainty Concerning Environmental Regulations’ and third globally in ‘Uncertainty Concerning Disputed Land Claims.’ These results reflect the strength, clarity, and stability of the Kingdom’s environmental regulatory framework, as well as the effectiveness of policies governing land claims and community development. The rankings highlight the impact of coordinated efforts with the Ministry of Environment, Water and Agriculture, alongside structured approaches to managing community engagement requirements around mining operations.

The Kingdom also recorded a significant improvement in the ‘Infrastructure indicator,’ which includes access to roads and energy availability. This progress reflects ongoing efforts to enhance infrastructure, notably through the launch of the Mining Infrastructure Enablement Initiative at the fifth edition of the Future Minerals Forum, held in January.

These top rankings were accompanied by exceptional qualitative leaps, averaging over 100% in other critical criteria. The ‘Legal System’ criterion

improved by 211%, while the ‘Quality of Geological Database’ rose by 203% due to the inclusion of extensive geological survey data, establishing a more transparent and reliable investment environment.

Commenting on the achievement, Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid bin Saleh Al-Mudaifer said the Kingdom’s entry into the global top ten reflects the depth of reforms implemented under Saudi Vision 2030 in the mining sector.

He noted that the ranking demonstrates the maturity and resilience of Saudi Arabia’s investment environment as the Kingdom positions itself to meet rising global demand for minerals.

Looking ahead, the vice minister added that the ministry will continue to strengthen the sector as a driver of industrial and economic growth by developing legislative and regulatory frameworks that enhance investor confidence and reinforce the Kingdom’s long-term competitiveness.

In addition, he said the Fraser Institute results provide independent international recognition of the rapid transformation underway in Saudi Arabia’s mining sector.

He further noted that ongoing efforts focus on improving the investor experience through greater transparency, faster licensing procedures, and reduced exploration risks, while strengthening supply chain localization and supporting the creation of high-quality employment opportunities.

These regulatory developments are translating into tangible investment outcomes. In 2025, Saudi Arabia issued 61 exploitation licenses for mine development, with investment valued at $11.73 billion (SAR44 billion), compared with 21 licenses in 2024, which represents an increase of 221%.

Active exploration companies increased from six in 2020 to 226 in 2024, representing more than 38‑fold growth. Meanwhile, the number of active exploration mining licenses reached 1,018 by 2025, compared with 500 licenses in 2020, reflecting a growth of approximately 104%.

Saudi Arabia’s Ministry of Industry and Mineral Resources continues to attract investment and facilitate the investor journey through competitive exploration licensing rounds. These rounds have seen unprecedented international interest from leading global mining companies and consortia, including Barrick Gold, Ivanhoe Electric, Shandong Gold, Hancock Prospecting, and Zijin Mining.

As part of these efforts, the ministry recently launched the 11th licensing round, opening competition for exploration licenses across eight mining sites in the regions of Riyadh, Hail, and Aseer, covering a total area of 1,878 km² and targeting deposits of gold, silver, copper, zinc, and iron ore.

To support early‑stage exploration and reduce financial risk, the report also highlighted the ‘Exploration Enablement Program’ as an effective tool for supporting exploration companies. The Kingdom has allocated over $182.67 million (SAR685 million) to the program for the period 2024–2030, targeting exploration licenses in their first five years and requiring participating companies to share geological data to accelerate knowledge exchange and improve the quality of investment decisions.

This advanced ranking and historic progress reflect Saudi Arabia’s continued success in advancing the objectives of Vision 2030: positioning mining as the third pillar of the national industrial base and strengthening the Kingdom’s role as a leading global investment destination and a trusted partner in securing future mineral supply chains.

The survey evaluated 68 mining jurisdictions worldwide, based on 256 responses from senior executives representing global mining companies.