RIYADH: Frimex International Investment Co. has acquired a 60 percent stake in Saudi healthcare company Gulf Neo Care, as part of plans to expand its presence in the Kingdom’s growing healthcare sector.
The investment will position Gulf Neo Care as the foundation of a broader healthcare platform focused on neonatal care, pharmaceuticals, medical devices and healthcare products, the companies said in a statement.
The agreement was signed in Riyadh in the presence of Mohammed bin Abdulrahman Aba Hussein, deputy minister of investment for integrated investor services, along with government officials and company executives.
This comes amid broader regional momentum, with nearly 400 healthcare transactions recorded across the Gulf Cooperation Council between 2021 and April 2025 — 92 percent concentrated in Saudi Arabia and the UAE — according to JLL’s Navigating the GCC Healthcare Investment Landscape whitepaper published last year, which expects further consolidation across the sector.
Frimex, the Gulf investment arm of Hayel Saeed Anam & Co., said the transaction marks its expansion into healthcare investments in Saudi Arabia, a sector seeing growing private-sector participation under Vision 2030 reforms.
Ibrahim Hayel Saeed, chairman of Frimex and board member of HSA Group, said: “We aim to build on Gulf Neo Care’s proven track record while further strengthening its position within the Kingdom’s healthcare ecosystem.”
Founded in 2011, Gulf Neo Care serves more than 700 clients and operates across about 90 percent of cities in the Kingdom, supplying specialized neonatal care solutions and pharmaceutical products to healthcare providers.
Saleh Abdulrahman Al-Olayan, co-founder and board member of Gulf Neo Care, said the company’s decision to partner with Frimex was driven by shared long-term goals.
“Selecting Frimex as a strategic partner reflects a strong alignment in our shared commitment to sustainability and institutional integration,” he said.
Gulf Neo Care operates a logistics center in Riyadh compliant with Saudi Food and Drug Authority standards and maintains a temperature-controlled fleet supplying pharmaceuticals and critical medical products to public and private healthcare institutions across the Kingdom.
Jamal Abdulwasa Hayel Saeed, vice chairman of Frimex and chairman of Gulf Neo Care, said the next phase will focus on investing in human capital, geographic expansion, advancing digital transformation, and diversifying services.
“These priorities are aimed at reinforcing the company’s capacity for sustainable growth,” he added.
The companies said the transaction supports broader efforts to expand healthcare services and strengthen private-sector participation in Saudi Arabia’s healthcare industry as part of the Kingdom’s economic diversification plans.
