Saudi Arabia’s healthcare system is evolving rapidly, creating substantial opportunities for private investors and operators. Central to this transformation is Vision 2030, the national plan to diversify the economy and shift healthcare from being predominantly publicly funded, around 70 percent, to being largely driven by the private sector.

At HBI 2026, a panel featuring Youssef Haidar, Founder and Executive Director of specialised healthcare investment platform Nexus Gulf Healthcare; Nart Mamser, CEO of Riyadh-based diagnostic imaging company Altakassusi Alliance Medical (AAM); and Raouf Ben Abdelali, CEO of Cerba Healthcare Arabia, a strategic joint venture between the French global medical diagnosis firm Cerba HealthCare and Nexus Gulf Healthcare, explored what is truly working in the Kingdom. Their discussion covered the sector’s growth potential, early public-private partnerships in radiology, the push to conduct more lab work locally, and the broader wave of healthcare privatisation.

Haidar highlighted the scale of the opportunity, noting that Saudi Arabia’s healthcare market serves 37 million people and is valued at around $60 billion. Healthcare spending as a share of GDP is still only half that of OECD countries, leaving significant room for growth. This expansion is supported by new infrastructure and more than 200 ongoing privatisation projects.

From right to left- Youssef Haidar (Nexus Gulf Healthcare, part of Safanad), Nart Mamser
(Altakassusi Alliance Medical) and Raouf Ben Abdelali (Cerba Healthcare Arabia)

Public-private partnerships (PPP) in Saudi Arabia

Mamser shared AAM’s experience in establishing the Kingdom’s first radiology PPP. AAM is a joint venture between Alliance Medical Group (a pan-European diagnostic imaging provider), King Faisal Specialist Hospital & Research Centre (a Saudi government-owned tertiary care and research hospital), and Lifeline Medical (a regional healthcare services provider).

Reflecting on the project, Mamser explained that it served as a pilot for Saudi Arabia’s Ministry of Health to explore collaboration in a specific service area like radiology rather than operating an entire hospital. The sector has grown rapidly under Vision 2030, with AAM running seven hospitals in one cluster and performing around a million procedures a year. According to Mamser, the project has set a baseline for future PPPs and paved the way for other healthcare services.

Ben Abdelali highlighted another trend: localisation.

“Lab tests that used to be sent abroad now have to be performed in Saudi Arabia for national security reasons. That represents $200 to $300 million in revenue per year and creates new opportunities,” he said.

The panel agreed that privatisation is moving from experimental to mainstream. Mamser noted that initial resistance to the first radiology PPP has now transformed into broad support from key stakeholders. 

“Many government and university hospitals are actively looking for private partners for lab services. Even if projects don’t go through the National Center for Privatisation, there’s a clear push to accelerate privatisation. That’s driving growth,” Ben Abdelali added.

Nexus Gulf’s investment approach

Backed by Safanad, a global investor with over $10 billion deployed across healthcare, education, and real estate, Nexus Gulf takes an active, long-term approach. Its model blends private equity and infrastructure-style investment, allowing strategic collaboration with clinical partners and sustainable growth rather than rapid turnarounds. 

The firm maintains a concentrated focus on healthcare service delivery, prioritising quality over quantity. While its operations span the GCC, Saudi Arabia remains central due to clear opportunities, rapid growth, and strong local support. A core element of their strategy is moving care out of hospitals into specialised centres, which makes services more efficient, treats more patients, improves the experience, and lowers costs. Haidar noted that hospital-dominated care underutilises real estate and limits service quality, creating opportunities for high-volume, standalone care centres.

Opportunities for international operators

Saudi Arabia is an attractive market for international operators, offering supportive policies, long-term capital partnerships, and the chance to use expertise to improve healthcare quality at reasonable margins. Mamser said the Kingdom allows expansion in an emerging market without the usual macroeconomic risks. Ben Abdelali added that unmet needs in many subspecialties mean the country could also serve as a regional hub.

Mamser added: “Saudi is growing, and in our sector, there is a lot to do. Foreign investors need to understand local business practices, but the risks are worth the investment.”

Both Mamser and Ben Abdelali stressed the importance of local partnerships. Solutions cannot simply be imported from abroad; local staff understand how things work and what is practical. 

Talking about broader healthcare opportunities, Mamser added, “Radiology, labs, pharmacy — all supporting services for hospitals — offer very interesting investment opportunities. The government is promoting intensive screening programmes, one-stop-shop centres, and community diagnostic centres, moving outpatient radiology out of hospitals into more patient-friendly environments.”

Despite these opportunities, challenges remain. Timelines can be long, processes complex, and regulations subject to change. Mamser said investors need to act decisively and avoid getting stuck in over-analysis. 

In conclusion, Saudi Arabia’s healthcare sector is opening new opportunities for private investors. Vision 2030 is driving the shift from public to private, lab localisation policies are generating growth, and successful PPP pilots demonstrate what is achievable. The Kingdom offers a combination of growth, stability, and innovation. As one of the panelists put it: “Strategy may get you in the room, but execution determines whether you stay and grow.”