Frimex acquires 60% stake in Gulf Neo Care to establish strategic healthcare platform in Saudi Arabia ...Saudi Arabia

Frimex International Investment Company (“Frimex”), the investment arm of Hayel Saeed Anam & Co (HSA Group) in the GCC, announced the completion of a 60% acquisition of Gulf Neo Care (GNC) in the Kingdom of Saudi Arabia — a fast-growing Saudi company specialized in neonatal care, pharmaceuticals, medical devices, and healthcare products.The signing ceremony was held in Riyadh in the presence of Deputy Minister of Investment for Integrated Investor Services Mohammed bin Abdulrahman Aba Hussein, along with representatives from the Ministry of Investment and relevant government entities, senior executives and employees from both companies, ambassadors, physicians, and business leaders.This investment aligns with the Kingdom’s ongoing efforts to empower the healthcare sector and foster high-quality partnerships that enhance healthcare services and support the objectives of Saudi Vision 2030. A strategic foundation for healthcare expansionThis step represents a cornerstone in Frimex’s expansion strategy into the healthcare sector. The objective is to position Gulf Neo Care as the core pillar of a scalable, integrated healthcare platform aligned with Vision 2030 goals.The investment builds on Gulf Neo Care’s strong operational performance, serving a network of over 700 clients and covering 90% of cities across the Kingdom.By combining Gulf Neo Care’s specialized expertise with Frimex’s institutional capabilities — rooted in a legacy dating back to 1938 in building multi-market industrial and commercial platforms under HSA Group — the partnership will establish an integrated institutional model aimed at expanding high-quality healthcare services and bridging gaps in specialized medical supply chains within Saudi Arabia. Leadership statementsIbrahim Hayel Saeed, Chairman of Frimex and Board Member of HSA Group, stated that the acquisition represents a pivotal milestone in the company’s strategy to establish strong investment entities across vital sectors, capitalizing on the significant opportunities created by Vision 2030. He emphasized that Frimex operates under a disciplined governance framework that allows the company to build on Gulf Neo Care’s proven track record while further strengthening its position within the Kingdom’s healthcare ecosystem. He added that this step contributes to the qualitative transformation of Saudi Arabia’s healthcare sector by developing competitive institutional entities capable of delivering sustainable value to partners and society alike. Dr. Saleh Abdulrahman Al-Olayan, Co-Founder and Board Member of Gulf Neo Care, stated that the company was established in 2011 in partnership with Dr. Khaled Marji Saleh Al-Faleh with a vision to build an organization defined by the quality of its impact rather than its size. He noted that selecting Frimex as a strategic partner reflects a strong alignment in their shared commitment to sustainability and institutional integration. He further expressed confidence that Frimex’s collaborative leadership approach will strengthen the foundations already built and guide the company toward broader horizons of structured growth and expansion. Shawki Ahmed Hayel Saeed, Chief Operating Officer of HSA Group and Board Member, stated that the partnership marks a strategic turning point in the Group’s business journey in Saudi Arabia. He highlighted HSA Group’s extensive experience in the healthcare sector, built through a portfolio of successful projects across multiple markets. Operating in more than 15 countries, the Group will leverage its operational expertise and regional networks to support the partnership, strengthen integration, and implement global best practices in alignment with Vision 2030. He expressed confidence that the collaboration will deliver meaningful achievements and contribute to building an institution that all stakeholders can take pride in. Jamal Abdulwasa Hayel Saeed, Vice Chairman of Frimex and Chairman of Gulf Neo Care, stated that the investment is guided by a clear vision and well-defined strategic objectives. He noted that Gulf Neo Care has established strong operational foundations and demonstrated high compliance with quality standards, in alignment with Frimex’s investment philosophy and core values.He explained that the next phase will center on four key priorities: investing in human capital, expanding geographically, advancing digital transformation, and diversifying services — all aimed at reinforcing the company’s capacity for sustainable growth. He also welcomed Gulf Neo Care’s leadership and employees into HSA Group and reaffirmed the shared commitment to building an integrated healthcare platform that supports the Kingdom’s transformation and elevates operational excellence standards across the pharmaceutical and healthcare sectors. Strategic impactThis transaction reinforces Frimex’s position in Saudi Arabia as a strategic investor and key player in high-impact sectors. It contributes to building scalable institutions aligned with the Kingdom’s economic diversification agenda and quality-of-life enhancement initiatives. Gulf Neo Care (GNC)Founded in 2011, Gulf Neo Care is a Saudi healthcare company and one of the fastest-growing firms in neonatal care and specialized pharmaceutical solutions.The company operates a state-of-the-art logistics center in Riyadh compliant with Saudi Food and Drug Authority (SFDA) standards, in addition to a temperature-controlled fleet ensuring safe delivery of pharmaceuticals and critical medical supplies to leading public and private healthcare institutions across the Kingdom. Frimex International Investment CompanyFrimex is the investment arm of Hayel Saeed Anam & Co (HSA Group) in the GCC.Drawing on nine decades of industrial and commercial excellence, Frimex focuses on long-term strategic investments in promising sectors. The company is committed to building resilient institutions that contribute to economic diversification and deliver a lasting impact in alignment with Vision 2030.

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