The Saudi Crown Prince, Mohamed bin Salman (MBS), made the decision to sell the health sector—one of the most important industries in the nation—to the private sector as a result of the Kingdom’s financial collapse.
According to economic sources, MBS wants to sell private investors half of the healthcare industry. According to the sources, MBS can no longer afford to invest in the Kingdom’s essential sector.
In June, the Public Investment Fund (PIF) established a new entity, Nubco, to attract pharmaceutical and biotechnology companies to invest in the development of pharmaceutical products, including insulin, vaccines and plasma treatments.
In the Saudi Kingdom, the private sector only makes up 24% of all hospital beds; in Germany and the US, this percentage is 60% and 80%, respectively.
To entice investors into the health sector, the Saudi Ministry of Industry announced that it would be offering a package of incentives specifically for those in the biopharmaceutical industry. These incentives are being developed for every segment of the health services value chain.
Healthcare is one of the main components of Vision 2030, a controversial plan launched by MBS.
Saudi Arabia may be weighing in on plans for a 2-kilometer-tall, world’s tallest tower, for its 18-square-kilometer master-planned area in the capital city of Riyadh, the Interesting Engineering website revealed this week.
The proposed skyscraper will be more than twice as tall as Dubai’s Burj Khalifa, which stands at 828 meters and is currently the tallest building in the world, according to the source.
“Contractors that have priced megatall towers in the region say that depending on the final design, a 2km-tall structure could cost about $5bn to construct,” said the report.
“A design competition with a participation fee of $1m is underway for the record-breaking tower.”
As per the sources, roughly eight companies have been asked to compete.
Some of the top architectural companies in the world are collaborating, and they were chosen for the project based on their previous work on iconic structures and megatall towers around the globe.
The projected tall tower in Riyadh is just one of many influential projects slated for the city’s northern peripheries, west of the existing King Khalid International Airport in Riyadh.
