Mazen Fakeeh, CEO of Dr. Soliman Abdel Kader Fakeeh Hospital Co.
Mazen Fakeeh, CEO of Dr. Soliman Abdel Kader Fakeeh Hospital Co., said the group’s core medical segments—healthcare and related services—remain the primary revenue driver, accounting for 95.5% of total revenue by the end of 2024, with a strong 20% year-on-year (YoY) growth. 
Speaking to Argaam, Fakeeh said the group’s performance reflects a 12% annual increase in fourth-quarter revenue, driven by expansion initiatives. He noted that associated costs, including salaries linked to staff retention strategies in existing facilities and hiring for new hospitals such as the one in Madinah, had a greater impact during the quarter.
The group also increased its marketing spending to strengthen its position in existing and new markets, including Riyadh, contributing to a wider market share, he added.
Fakeeh stated that revenue growth in 2024 underscored the strong performance driven by expanded services, activities, and a rise in patient numbers, reaching 1.74 million.
Despite higher revenue, costs also rose 18%, mainly due to increased salaries and benefits, particularly in Q4, reflecting recruitment for new facilities and talent retention strategies. Additionally, rising accommodation costs under management and operational contracts exerted pressure on gross margins, especially in the fourth quarter.
The group operates three hospitals and manages a fourth, in addition to four medical centers, as of the 2024 financial year-end.
Its total operational capacity stands at 835 beds and 374 examination rooms. The company aims to double its bed capacity by 2028, supporting plans to triple revenue over the same period.
Education and technology contributed 4.5% of total revenue, recording a 24% increase compared to 2023.
Fakeeh noted that the company has expanded its home healthcare services, which now cover new cities in addition to Jeddah, Riyadh, Madinah, and Makkah. Services have extended to Abha and Dammam, with home visits doubling from 53,000 to 106,000, driving a 120% rise in revenue.
The emergency ambulance services division expanded to 83 vehicles, making it the largest privately owned ambulance fleet in Saudi Arabia, leading to a 1.5-fold increase in revenue in 2024. Meanwhile, Fakeeh Vision expanded to 17 locations with eight new stores added in 2024, including four in Riyadh. Plans are in place to open eight more outlets in 2025, including new entries into the Dammam and Al Khobar markets.
The Dr. Soliman Fakeeh Hospital in Madinah is set to begin operations in March 2025 with an initial capacity of 50 beds, with plans to expand to 200 beds and 49 specialty clinics. The facility
will serve both residents and visitors and will include comprehensive centers of excellence, such as a cutting-edge oncology center—the first of its kind in Madinah.
Fakeeh expects the hospital’s launch to impact the group’s consolidated profit margins initially. However, once optimal operational levels are reached, the hospital is expected to contribute positively to the group’s financial performance, given its unique value proposition in the region.
On the company’s recently signed SAR 59.9 million contracts in Jeddah, Makkah, and Madinah, Fakeeh said these deals are part of the firm’s broader expansion strategy and efforts to enhance patient experience at its facilities.
He highlighted that the Dr. Soliman Fakeeh Medical Center, BASATEEN, in Jeddah added 110 parking spaces in an adjacent building to improve patient accessibility. Meanwhile, at the new Madinah hospital, one of the group’s subsidiaries was contracted to provide operational services.
Excavation work has also begun for an advanced hospital in Makkah, part of the Masar project in Umm Al Qura, with a planned capacity of over 200 beds.
Regarding the company’s land acquisition in Riyadh’s Al Narjis district for a new medical center, Fakeeh confirmed it would be the group’s second in Riyadh. Construction of the Al Hamra Medical Center is already underway, and work on the new Al Narjis facility is set to begin in Q3 2025, once the design phase is complete.
Looking ahead to 2025, Fakeeh expects a strong financial position, with a solid balance sheet and a net cash position enabling the company to pursue strategic expansion opportunities.
The company remains committed to its strategy, focusing on maintaining market leadership in Jeddah, completing the expansion of its Riyadh hospital, and launching the Madinah hospital. It also aims to enhance its value proposition by expanding operations and integrating services within its healthcare network.
Fakeeh noted that the group is working to sustain its strong presence in Jeddah while boosting occupancy rates across its hospitals and medical centers. Expansion in Riyadh, through Fakeeh Hospital and a hub-and-spoke model, is seen as a key step toward improving service offerings and operational efficiency.
The company is also actively participating in privatization and public-sector bidding opportunities. If successful, these projects could further support long-term profitable growth.
According to Argaam data, Dr. Soliman Abdel Kader Fakeeh Hospital Co. reported a 3% increase in net profit, reaching SAR 287.6 million in 2024 (excluding minority interest), up from SAR 279.6 million in 2023. Fourth-quarter profit stood at SAR 73.8 million.
Mazen Fakeeh, CEO of Dr. Soliman Abdel Kader Fakeeh Hospital Co.
Mazen Fakeeh, CEO of Dr. Soliman Abdel Kader Fakeeh Hospital Co., said the group’s core medical segments—healthcare and related services—remain the primary revenue driver, accounting for 95.5% of total revenue by the end of 2024, with a strong 20% year-on-year (YoY) growth.
Speaking to Argaam, Fakeeh said the group’s performance reflects a 12% annual increase in fourth-quarter revenue, driven by expansion initiatives. He noted that associated costs, including salaries linked to staff retention strategies in existing facilities and hiring for new hospitals such as the one in Madinah, had a greater impact during the quarter.
The group also increased its marketing spending to strengthen its position in existing and new markets, including Riyadh, contributing to a wider market share, he added.
Fakeeh stated that revenue growth in 2024 underscored the strong performance driven by expanded services, activities, and a rise in patient numbers, reaching 1.74 million.
Despite higher revenue, costs also rose 18%, mainly due to increased salaries and benefits, particularly in Q4, reflecting recruitment for new facilities and talent retention strategies. Additionally, rising accommodation costs under management and operational contracts exerted pressure on gross margins, especially in the fourth quarter.
The group operates three hospitals and manages a fourth, in addition to four medical centers, as of the 2024 financial year-end.
Its total operational capacity stands at 835 beds and 374 examination rooms. The company aims to double its bed capacity by 2028, supporting plans to triple revenue over the same period.
Education and technology contributed 4.5% of total revenue, recording a 24% increase compared to 2023.
Fakeeh noted that the company has expanded its home healthcare services, which now cover new cities in addition to Jeddah, Riyadh, Madinah, and Makkah. Services have extended to Abha and Dammam, with home visits doubling from 53,000 to 106,000, driving a 120% rise in revenue.
The emergency ambulance services division expanded to 83 vehicles, making it the largest privately owned ambulance fleet in Saudi Arabia, leading to a 1.5-fold increase in revenue in 2024. Meanwhile, Fakeeh Vision expanded to 17 locations with eight new stores added in 2024, including four in Riyadh. Plans are in place to open eight more outlets in 2025, including new entries into the Dammam and Al Khobar markets.
The Dr. Soliman Fakeeh Hospital in Madinah is set to begin operations in March 2025 with an initial capacity of 50 beds, with plans to expand to 200 beds and 49 specialty clinics. The facility
will serve both residents and visitors and will include comprehensive centers of excellence, such as a cutting-edge oncology center—the first of its kind in Madinah.
Fakeeh expects the hospital’s launch to impact the group’s consolidated profit margins initially. However, once optimal operational levels are reached, the hospital is expected to contribute positively to the group’s financial performance, given its unique value proposition in the region.
On the company’s recently signed SAR 59.9 million contracts in Jeddah, Makkah, and Madinah, Fakeeh said these deals are part of the firm’s broader expansion strategy and efforts to enhance patient experience at its facilities.
He highlighted that the Dr. Soliman Fakeeh Medical Center, BASATEEN, in Jeddah added 110 parking spaces in an adjacent building to improve patient accessibility. Meanwhile, at the new Madinah hospital, one of the group’s subsidiaries was contracted to provide operational services.
Excavation work has also begun for an advanced hospital in Makkah, part of the Masar project in Umm Al Qura, with a planned capacity of over 200 beds.
Regarding the company’s land acquisition in Riyadh’s Al Narjis district for a new medical center, Fakeeh confirmed it would be the group’s second in Riyadh. Construction of the Al Hamra Medical Center is already underway, and work on the new Al Narjis facility is set to begin in Q3 2025, once the design phase is complete.
Looking ahead to 2025, Fakeeh expects a strong financial position, with a solid balance sheet and a net cash position enabling the company to pursue strategic expansion opportunities.
The company remains committed to its strategy, focusing on maintaining market leadership in Jeddah, completing the expansion of its Riyadh hospital, and launching the Madinah hospital. It also aims to enhance its value proposition by expanding operations and integrating services within its healthcare network.
Fakeeh noted that the group is working to sustain its strong presence in Jeddah while boosting occupancy rates across its hospitals and medical centers. Expansion in Riyadh, through Fakeeh Hospital and a hub-and-spoke model, is seen as a key step toward improving service offerings and operational efficiency.
The company is also actively participating in privatization and public-sector bidding opportunities. If successful, these projects could further support long-term profitable growth.
According to Argaam data, Dr. Soliman Abdel Kader Fakeeh Hospital Co. reported a 3% increase in net profit, reaching SAR 287.6 million in 2024 (excluding minority interest), up from SAR 279.6 million in 2023. Fourth-quarter profit stood at SAR 73.8 million.
