• The Kingdom of Saudi Arabia’s long-term economic outlook is robust, driven by Vision 2030’s strategic Realization Programs with targeted economic diversification initiatives.
• The Saudi healthcare market is forecast to grow at 6.5% CAGR between 2023 and 2030 to reach SAR 360 bn, with rising private sector contribution reaching 25% by 2030 compared to 18% in 2023.
• The Kingdom’s 60+ year group is expected to grow fastest at a CAGR of 10% from 2022 to 2030, nearly 8 times the overall population growth rate.
• The Eastern Province, where Almoosa Health Company is present, is home to nine of the largest oil fields by reserves and is emerging as the Kingdom’s prime energy, petrochemicals and mining hub.
• This dynamic is poised to drive growing demand on healthcare services in the region.

• Almoosa Health Company is a leading integrated healthcare provider with a strong focus on patient needs through diversified services including Primary and Acute Care. In addition, the company also provides Rehabilitation and extended care services including Home Healthcare and Pharmacy.
• The Company plans to open five standalone primary healthcare centers by 2027, providing nine different specializations enabling a feeder network that provides comprehensive care along the patient’s journey.
• The Company aims to further expand its core multispecialty infrastructure by adding two new hospitals. The first hospital in Al Hofuf with a capacity of 300 beds by 2027, and the second in Khobar with a capacity of 400 beds by 2028. This will help bridge the acute care gap in the Eastern Province, which currently has 2.5 beds per 1,000 people compared to the average 3.2 beds per 1,000 people for OECD countries.

• Almoosa Health Company also operates ancillary services that support its primary operations and include pharmaceutical, home healthcare and telemedicine services.
• The Company’s approach is to provide comprehensive care, allowing its patients to obtain services that support them throughout their recovery journey.
• Innovative care management strategies and modern technologies guarantee a comprehensive and effective experience across various aspects of healthcare, enhancing patient satisfaction and improving outcomes through personalized, comprehensive care.

• Almoosa Health Company’s revenue grew at a CAGR of 18.1% between 2021 and 2023, backed by strong fundamentals including the opening and ramp-up of the North Tower at Al Moosa Specialist Hospital, growth in out-patient and in-patient volumes, and higher revenue per patient. Almoosa Health Company recorded revenues of SAR 979.0 mn for FY 2023, followed by SAR 870.2 mn in 9M 2024.
• Between 2021 and 2023, Almoosa Health Company’s EBITDA growth outpaced revenue growth at a CAGR of 37%, primarily driven by workforce optimization, increases in both the volume and value of services, and expansion of clinical services.
• Almoosa Health Company’s EBITDA margin has significantly improved over time, expanding from 15.8% in 2022 to 20.0% in 2023 (9M 2024: 19.5%).
• Almoosa Health Company’s net income grew by a CAGR of 25.4% during 2021-2023, primarily driven by expansion and setting a platform for future continued margin improvement. The company reported a net income of SAR 98.1 mn during FY 2023, and SAR 40.4 mn for 9M 2024.

• Almoosa Health Company has a clear growth strategy, with a plan to add around 700 beds by 2028, resulting in 4 hospitals with 1,430 beds and 5 primary care centers.
• The Company plans to open Al Moosa Specialist Hospital in Al Hofuf in 2027 with a capacity of 300 beds, 200 clinics and a pharmacy.
• Thereafter, the Company plans to open Al Moosa Specialist Hospital in Al Khobar in 2028 with a capacity of up to 400 beds and several centers of excellence, including 300 clinics and a pharmacy.
• Almoosa Health Company also plans to establish five primary care centers in the Eastern Province, specifically in Al Ahsa, Al Khobar and Dammam over 2025 to 2027.

• Al Moosa Specialist Hospital in Al-Ahsa employs state-of-the-art technology to enhance patient engagement and improve decision-making processes in healthcare. Almoosa is committed to integrating advanced health IT solutions to facilitate better patient care and optimize hospital operations.
  • Patient-dedicated application allowing patients to book appointments and conduct virtual consultations conveniently.
  • Health Information Systems utilizing HIS and Yasassii to manage, store, retrieve, and analyse patient health information efficiently.
  • HIMSS Stage 7 Accreditation achieved due to the hospital’s advanced use of health IT, indicating a superior level of technology adoption and integration.
• Advanced Medical Equipment:
  • Tesla 3 MRI: Used for high-resolution imaging, enhancing diagnostic accuracy.
  • Hybrid Operating Rooms: Equipped with the latest technology to perform complex surgeries.
  • Automated Systems: Includes both laboratory and pharmacy services, streamlining workflows and reducing error rates.

• Almoosa Health Company is led by a visionary and experienced management team, with an average industry experience of c. 25 years, spearheaded by CEO Mr. Malek Almoosa.
• The Chief Financial Officer and Chief Operating Officer have 29 and 21 years of professional experience, respectively.
• Almoosa Health Company’s management team is guided by an experienced and diverse Board of Directors, dedicated to upholding high standards of corporate governance, and led by the Founder and Chairman Mr. Abdulaziz Almoosa.

Almoosa Health is strategically located in the heart of Al Ahsa in the Eastern Province ensuring ease of access for a wide range of people in the Kingdom and the Arabian Gulf to its various services.

Its hospitals are strategically distributed to ensure ease of access to its services from all locations. The main Al Moosa Specialist Hospital is located in northern Al Ahsa, and Al Moosa Rehabilitation Hospital is at the northern gateway to Al Ahsa.

Almoosa Health is also working on a hospital project in Al Hofuf to serve the people of the southern region of Al Ahsa city, and a hospital project in Al Khobar to serve its people.

The Company plans to open five primary care centers, each of which includes one pharmacy. Three of these centers will be located in the city of Al Ahsa, one in the city of Al Khobar, and one in the city of Dammam.

Almoosa Health operates throughout the healthcare sector, including primary care, acute care and rehabilitative care. It also provides adjacent services, such as pharmaceutical, home healthcare and telemedicine services.

As of 31 March 2024, Almoosa Health was a leader in its business segments with a capacity of 730 beds, providing various services to approximately one million clients, including individuals, private and Government sectors in the Eastern Province of the Kingdom. The company’s core business segments are:

• Healthcare:The Company provides its services primarily in the healthcare sector by operating Al Moosa Specialist Hospital and Al Moosa Rehabilitation Hospital (Al Ahsa). The healthcare sector represented 81.0% and 79.4% of the Company’s revenues for the financial year ended 31 December 2023 and the three-month period ended 31 March 2024, respectively. The Company seeks to provide integrated healthcare services to its patients, The healthcare services provided by the Company being divided into the following:
  • Primary care services: The Company provides primary care services through Al Moosa Specialist Hospital (Al Ahsa), including daily healthcare services, which usually serve as the first point of contact and main point of ongoing care for patients within the healthcare system. Primary care services represented 4.6% and 4.8% of the Company’s revenues for the financial year ended 31 December 2023 and the three-month period ended 31 March 2024, respectively.
  • Acute care services: The Company provides acute care services through Al Moosa Specialist Hospital (Al Ahsa), and these services include intensive care services for complex, critical and unstable medical cases for patients of various categories and include intensive care for adults, intensive care for children, cardiac and cardiac surgery care. Acute care services represented 75.6% and 64.6% of the Company’s revenues for the financial year ended 2023 and the three-month period ended 31 March 2024, respectively.
  • Rehabilitative care services: The Company provides rehabilitative care services through Al Moosa Rehabilitation Hospital (Al Ahsa). These services include health and social services intended to improve the quality and functions of life for people who suffer from injuries, physical or mental disabilities, or who have chronic health disorders. Rehabilitative care services represented 0.8% and 10% of the Company’s revenues for the financial year ended 2023 and the three-month period ended 31 March 2024, respectively.

• Sub-Services: As part of the Company’s approach to providing integrated care to its patients, the Company provides sub-services that allow its patients to obtain services that support them throughout their recovery journey. These include Pharmaceutical Services, Home Healthcare and Telemedicine.

Almoosa Health plans to expand its footprint and offering in the Eastern Province. It is currently designing, constructing and developing two specialist hospitals in Al Khobar and Al Hofuf, in addition to five primary care centers in Al Ahsa, Al Khobar and Dammam.

In addition to the above, the Company has developed a well-defined growth strategy that is focused on:

• People: Attracting, educating, and developing talented practitioners and employees who provide the highest levels of care and promote health awareness;
• Patient Safety and Quality of Service: Maintaining its role as a regional leader by achieving superior patient safety outcomes through continuous and effective improvement;
• Patient Experience: Fulfilling its national duty by improving the experience of patients and their families;
• Health Awareness: Promoting physical, emotional, intellectual, social, spiritual, environmental and occupational health by integrating all of these dimensions into its decisions and activities;
• Performance: Improving personal, operational, professional and financial performance to achieve its mission and vision;
• Almoosa Health’s Pledge: The Company promises to add value for its Shareholders and meet the diverse needs of its community in an equitable and inclusive manner. It also pledges to invest in the sustainability of its environment and community, and is commit to enhancing governance and inspiring continuous transformation in healthcare.

For more details, please refer to the Local Prospectus.

Almoosa Health intends to distribute annual dividends to its Shareholders to enhance the value of their investments.

Dividends will be based on the profits achieved by the Company in proportion to its financial position, capital expenses, investment requirements, the restrictions applicable to dividend distribution under financing and debt agreements, the results of the Company’s activities, the Company’s current and future cash needs and expansion plans, as well as other factors including market conditions, analysis of investment opportunities, requirements to reinvest such dividends, cash and capital requirements, business expectations, and the impact of any such distributions on any legal and regulatory considerations.

However, there are no guarantees of actual dividend distribution. Any resolution to distribute dividends depends on a number of factors, including the Company’s past and expected profits, cash flows, financing and capital requirements, market data, general economic factors and Zakat, in addition to other factors deemed important by the Board, as well as other legal and regulatory considerations.

Almoosa Health will increase its capital through the issuance and public offering of 9,303,580 New Shares (representing 21% of the Company’s share capital after the Offering). The Offering will also consist of the sale of 3,987,494 ordinary Shares of the Company’s existing Shares (representing 9% of the Company’s share capital after the Offering) by Abdulaziz bin Abdullah Almoosa Investment Company (hereinafter referred to as the “Selling Shareholder”). The Company for Cooperative Insurance (Tawuniya) and Alfozan Holding Company have committed to subscribe as Cornerstone Investors to 4.1% and 2.5%, respectively, of the company’s capital post-completion of the Offering and the Company has agreed to allocate the Cornerstone Investors’ Shares to them as part of the Offering process.

The Company’s share capital after the capital increase will amount to SAR 443,035,800, divided into 44,303,580 ordinary Shares with a nominal value of SAR 10 per Share, as a result of the Company’s capital increase through the issuance and public offering of the New Shares.

Almoosa Health’s offering consists of 13,291,074 ordinary Shares, representing 30% of the share capital of Almoosa Health after the Offering (representing 37.97% of the Company’s share capital before the capital increase).

The Net Offering Proceeds will be distributed (net of the Offering Expenses) as follows:

• Net Offering Proceeds from the sale of 3,987,494 ordinary Shares of the Company’s existing Shares will be distributed to the Selling Shareholders on a pro-rata basis based on each Selling Shareholder’s percentage of ownership in the Sale Shares being sold in the Offering.
• Net Offering Proceeds from the issuance and sale of 9,303,580 ordinary New Shares will be distributed to the Company. In addition to other financing sources, such as cash flows from operating activities and bank financing, the Company intends to use the Net Offering Proceeds to finance the following activities:
  • Partial debt repayment.
  • Financing the Company’s expansion plans, including financing capital expenditures, working capital requirements and general corporate purposes.

The Shariyah Review Bureau has issued a pronouncement confirming that, in their view, the Offering is compliant with Shariah principles. Investors may not rely on this pronouncement and should undertake their own due diligence to ensure that the Offering is Shariah-compliant for their own purposes.

The subscription period for Individual Subscribers commences on 23 December 2024 and closes on 24 December 2024.

Participating Parties may subscribe for the Offer Shares through the Bookrunners during the book building process, which will take place prior to the Offering of the Shares to Individual Subscribers.

There are two broad groups of eligible investors, each with a corresponding tranche.

• Tranche (A): Participating Parties
• Tranche (B): Individual Subscribers

The definition for each group of investors is outlined below. For more information, please refer to the Prospectus.

Participating Parties

The categories that are entitled to participate in the book building process in accordance with the Instructions for Book Building Process and Allocation Method in Offering are:

• public and private funds that invest in securities listed on the Exchange if the fund’s terms and conditions permit the same, while adhering to the terms and restrictions stipulated in the Investment Funds Regulations and the Book Building Instructions;
• Capital Market Institutions licensed by the CMA to deal in securities as principals, while adhering to the provisions stipulated in the Prudential Rules when submitting a Bid Form;
• customers of a Capital Market Institution authorized by the CMA to conduct management activities in accordance with the provisions and restrictions set forth in the Book Building Instructions;
• any legal persons entitled to open an investment account in the Kingdom and an account with Edaa, including foreign legal persons who may invest on the Exchange, taking into account the Controls For Listed Companies’ Investment in Securities Listed on the Exchange as per CMA Circular No. 6/05158, dated 11/08/1435H (corresponding to 09/06/2014G) issued pursuant to CMA Board Resolution No. 9-28-2014, dated 20/07/1435H (corresponding to 19/05/2014G);
• Government entities, any supranational authority recognized by the CMA or the Exchange or any other stock exchange recognized by the CMA or Edaa;
• Government-owned companies, whether directly or through a private portfolio manager; and
• GCC companies and funds, if permissible according to the terms and conditions of such funds.

Individual Subscribers

Saudi natural persons, including any Saudi female divorcee or widow with minor children from a marriage to a non-Saudi individual, who is entitled to subscribe to the Offer Shares in the names of her minor children provided that she proves that she is the mother of her minor children, any non-Saudi natural person who is resident in the Kingdom or GCC nationals, in each case, who have a bank account and are entitled to open an investment account with one of the Receiving Agents.