Sulaiman Al Habib Medical Group (HMG) – a medical services provider in Saudi Arabia - will launch an initial public offering (IPO) on the Saudi bourse next year, according to Alarabiya website.

HMG signed on Tuesday an agreement with Saudi Fransi Capital, under which the latter will act as a financial advisor and lead manager of the group’s issue.

“The group launched operations in 1995, and continued to record robust profit growth over the last years,” said Dr. Sulaiman Al Habib, chairman of (HMG).

“HMG dominated a good share in the markets where it operates. The IPO is considered a turning point and a vital step towards strategic expansion,” he noted.

The group is one of the leading medical services providers in Saudi Arabia and the Arab world. It owns 14 medical projects in Saudi Arabia, the United Arab Emirates and Bahrain.

It also has projects under construction such as a hospital in Western Riyadh and a hospital at Al-Khobar.