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Cleopatra Hospitals, Fawaz Al Hokair’s unit partner to support healthcare in Saudi Arabia

Cleopatra Hospitals, Fawaz Al Hokair’s unit partner to support healthcare in Saudi Arabia
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Cleopatra Hospital
CLHO
3.00% 6.87 0.20
CENOMI RETAIL
4240
3.92% 20.16 0.76
Default Company
7204.B
0.00% 0.00 0.00

Cairo – Mubasher: Cleopatra Hospitals Group (CHG), has entered into a strategic partnership with Mumtada Medical Care Company, the healthcare arm of Saudi Arabia’s Fawaz Abdulaziz Al-Hokair Company (Cenomi Retail), to launch 200-bed rehabilitation and long-term care facility in Riyadh.

The facility is scheduled to start operations in late 2024, according to a bourse filing.

The project will provide long-term care, post-acute rehabilitation, and outpatient services to meet a variety of medical needs.

Under the partnership, CHG will support Mumtada 's operations in the kingdom, including the new medical facility’s operations.

CHG will receive pre-operational and operational services fees, along with performance-based incentives following the facility's inauguration.

It is noteworthy that Cleopatra Hospitals posted a consolidated net profit after tax of EGP 469.29 million in 2023, up from EGP 356.73 million in 2022.