New healthcare JV eyes $1.35bn Saudi hospitals plan

A new joint venture has been launched to develop a chain of specialised hospitals in Saudi Arabia.

RED House Group, a Beirut-based real estate investment company, has forged a partnership with healthcare operator Rizk Healthcare to form RRHH (Rizk RED House Healthcare).

Under the deal, RED House has handed RRHH a $1.35bn project for 10 hospitals totalling over 3,000 beds in Saudi Arabia in a venture with Ebram, a Saudi investment and healthcare firm.

Dr Assad Rizk, RRHH chairman, said the move would give the company a greater role on the healthcare platform in the region.

Mazen Beaini, RED House Group chairman, added that RRHH aimed to become "one of the major players in the healthcare development and operation sectors regionally".

"Today's announcement of our partnership with RED House is a great example of how we continue to invest in the healthcare industry and of our commitment to provide healthcare services not only in Lebanon but also on the regional platform," added Sami Rizk, RRHH CEO.

RRHH will be headquartered in Beirut Central District, with a branch in Riyadh. A signing ceremony is planned in February 2012.