BOSTON, April 17, 2017 /PRNewswire-USNewswire/
-- The Kingdom of Saudi Arabia is encouraging further foreign
direct investment from American companies in its healthcare sector
as part of its Saudi Vision 2030 transformation plan and will be
highlighting opportunities at the high-level conference "New
Horizons and Opportunities in the Saudi Healthcare Sector", on
May 3, 2017 in Boston, Massachusetts.
The Kingdom is actively seeking partnerships with foreign firms
to raise the competitiveness and productivity across the healthcare
industry. Priorities for future investment include medical device
and pharmaceuticals manufacturing, medical information technology,
and hospital management, amongst others.
Organized by the Saudi Ministry of Health, the U.S.-Saudi
Arabian Business Council (USSABC), and the Ministry of Commerce and
Investment, and held in collaboration with GE (NYSE: GE), the
conference is designed to provide a platform to senior business
executives and government representatives, from both countries, to
review specific commercial and investment opportunities and network
with potential business partners. Specifically, the event will
introduce U.S. healthcare manufacturers and service providers to
opportunities in Saudi Arabia for
sales, technical tie-ups, joint ventures and investments in
Saudi Arabia's expanding
healthcare market.
The program will feature panel discussions with U.S. and Saudi
company executives who are already successfully engaged in the
Saudi market alongside Saudi Government experts from a wide variety
of fields, and will present ample networking
opportunities.
H.E. Dr. Tawfig AlRabiah, Saudi
Minister of Health, said: "Saudi Vision 2030 has given us a driving
force to move forward with solid steps regarding the reforms needed
to uplift the level of healthcare in the Kingdom. Key to these
reforms are public private partnerships and global best practices.
We are reaching out to foreign investors in this vital sector, and
want to spearhead this initiative by coming into contact with as
many key players as possible from the
United States."
H.E. Dr. Majid AlKassabi, Saudi
Minister of Commerce & Investment added: "As a part of Vision
2030, the Kingdom is seeking to form and encourage partnerships
with firms to raise the competitiveness and productivity across the
healthcare industry. The Saudi Horizons Healthcare Conference will
bring together the American and Saudi public and private sectors to
explore Saudi Arabia's rapidly
expanding and re-structuring healthcare market. These changes are
creating lucrative and exciting opportunities for local and foreign
investors alike."
Emphasizing the importance of the event, Edward Burton, USSABC President and CEO said,
"This is a unique opportunity to inform the American business
community in the healthcare industry about the unprecedented market
growth opportunities in this critically important sector within the
Kingdom of Saudi Arabia. It will
also provide unequaled access to the key government and private
sector decision makers who are having high developmental impact on
the direction of this industry."
Confirmed Saudi high-level officials and executives to address
the conference include H.E. Dr. Tawfig
AlRabiah, Minister of Health; H.E. Dr. Majid AlKassabi, Minister of Commerce and
Investment; H.E. Dr. Qasim Al
Qasabi, CEO, King Faisal Specialist Hospital and Research
Center; Dr. Hisham Al-Jadhey, CEO,
Saudi Food and Drug Administration; Dr. Mahmoud Al-Yamany, CEO, King Fahad Medical City;
and Fahad Al Rasheed, Managing
Director and CEO, King Abdullah Economic City.
Distinguished U.S. senior executives confirmed to speak at the
conference include Mr. Jeffrey
Immelt, Chairman and CEO, GE; Dr. Omar Ishrak, Chairman and
CEO, Medtronic; Dr. Paul
Rothman, CEO, Johns Hopkins Medicine; Dr. Marc Boom, President and CEO, Houston Methodist
Hospital; and Mr. Dennis Kogod, CEO
Emeritus, DaVita International.
Saudi Arabia has allocated
$32 billion for healthcare and social
spending in its 2017 budget, an increase of nearly $5 billion over 2016 and a significantly larger
budget than any other country in the Gulf Cooperation Council (GCC)
region. In addition, demand for healthcare services in Saudi Arabia is projected to increase by 25
percent through 2025 with expenditure in the sector growing at an
annual rate of 10 percent. Over the next five years, Saudi Arabia is expected to spend $180 billion on healthcare: an additional
$100 billion on healthcare service
provision, $54 billion on
pharmaceuticals, and $14 billion on
medical products.
For media interested in attending and covering the
Conference, please contact:
Jay
Ennis
Director, Communications and Information Services
U.S.-Saudi Arabian Business Council
Tel.: 703-962-9300
Email: jennis@us-sabc.org
About the USSABC
The U.S.-Saudi Arabian Business
Council (USSABC) was established in December
1993 to improve the mutual knowledge and understanding
between the private sectors of the U.S and Saudi Arabia and to promote and facilitate
increased trade and investment between the two countries. The
USSABC has built a membership base of approximately 350 leading
companies in the U.S. and Saudi
Arabia and serves as the central source of information and
assistance for companies that want to pursue specific business
activities in Saudi Arabia. The USSABC organizes conferences
and seminars in both countries to promote dialogue between the two
private sectors, as well as trade and investment missions that
provide networking opportunities for U.S. and Saudi companies. For
more information on the Business Council, please visit
www.us-sabc.org.
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SOURCE U.S.-Saudi Arabian Business Council