Royal Philips (NYSE:PHG, AEX:PHIA)  and Al Faisaliah Medical Systems (FMS) , a subsidiary of Al Faisaliah Group, celebrated the official opening of Philips Healthcare Saudi Arabia Ltd., a 50-50 joint venture to market and sell Philips Healthcare solutions and services in the Kingdom of Saudi Arabia. The partnership marks an important milestone in Philips and FMS’ mutual commitment to raise the standards of healthcare in the country.
Deborah DiSanzo , Chief Executive Officer, Philips Healthcare and HRH Mohammed bin Khaled Al Abdullah Al Faisal, President and Chief Executive Officer of the Al Faisaliah Group commemorated the launch at a ribbon cutting ceremony in Riyadh. Following the signing of the agreement in September 2012, by Frans van Houten , Chief Executive Officer, Royal Philips and HRH Mohammed bin Khaled Al Abdullah Al Faisal.
“We are determined to move ahead and begin working with Philips to provide solutions that will contribute to the advancement of healthcare services in Saudi Arabia. Through this partnership, we will be able to focus our efforts and expertise towards meeting specific requirements and challenges faced by the industry,” said HRH Mohammed bin Khaled Al Abdullah Al Faisal.
The partnership will combine Philips’ strong healthcare portfolio , including medical imaging systems, patient monitoring devices and clinical information solutions, with FMS’ recognized knowledge of the market requirements and strong position in Saudi Arabia, the largest economy in the Middle East by GDP . The Saudi Arabian healthcare market is estimated to grow by 8% annually between 2013 and 2017, driven by targeted government spending on health services and hospital infrastructure.
In addition, the new company will facilitate the development of the next generation of skilled Saudi healthcare professionals through dedicated education and training programs.
“As a leader in providing innovative and patient-centric healthcare solutions, Philips is intent on delivering against the unique needs of Saudi Arabia. Through the exchange of knowledge with Al Faisaliah Medical Systems, we can bring tailored, meaningful innovations in products and services, including design and education to Saudi Arabia,” said Deborah DiSanzo . “This is a significant step toward positively impacting the health and well-being of the nation, as well as driving forward the government’s vision to transform their healthcare services.”
The Kingdom of Saudi Arabia is currently undergoing a nation-wide transformation led by the government’s commitment to build and renew its infrastructure in the areas of healthcare, education, housing, and energy diversification.
Since 1935, Philips has established a strong footprint with in the Kingdom bringing innovations in healthcare, consumer health and well-being and energy efficient lighting which have contributed to the development of the economy and helped address infrastructure challenges.