SMC Healthcare eyes major Saudi growth with IPO launch, AI integration
SMC Healthcare, one of Riyadh's largest private healthcare providers, is entering a transformative phase marked by rapid expansion, AI integration, and a high-profile listing on the Saudi Exchange.
The company is doubling down on growth as part of a strategy to position itself as a national leader aligned with Saudi Vision 2030, CEO Bassam Chahine told Al Arabiya English.
Saudi Arabia expansion plans
'SMC Healthcare's operational model is defined by scale, integration and strategic growth plans underpinned by clinical excellence and consistent financial performance,' said Chahine.
Saudi Vision 2030 aims to raise private-sector participation in healthcare from 40 percent to 65 percent by 2030, while also improving quality, access, and digitization of services.
SMC's strategy fits squarely within these goals, according to Chahine who said the company is building 'a platform to support its ambitious growth agenda through potential different financing mechanisms, strategic partnerships, or future public-private projects.'
SMC's next phase includes constructing three new hospitals in fast-growing Northern Riyadh, increasing its total bed capacity to 1,276 and outpatient clinics to over 770 by 2029.
'We are continuously enhancing our Centers of Excellence,' Chahine added, noting new developments such as the Kingdom's first dialysis unit for infants under 18 months and a mental health facility developed under the Ministry of Health's Public-Private Partnership (PPP) program.
Digital innovation
Digital innovation is also central to both Vision 2030 and SMC's operating model.
'Over 62 percent of our appointments are booked through our mobile app, doubling from 31 percent in 2020,' Chahine said.
'SMC is also leveraging AI to enhance clinical operations,' including automating lab and radiology result interpretation, assisting physicians with recommendations, and delivering diagnostic summaries directly to patients – resulting in a 50 percent reduction in wait times.
The company's robust digital infrastructure and partnerships, including with Mayo Clinic Laboratories, enable high-complexity care in oncology, cardiology, IVF, nephrology, and orthopedics.
Chahine emphasized SMC's 'strong outpatient exposure (65.3 percent of revenues vs 50 per ent market average),' giving it a strategic advantage ahead of the rollout of Diagnosis Related Group (DRG) pricing reforms.
SMC's IPO launch
Meanwhile, SMC's IPO on the Saudi Exchange drew institutional demand of more than $32.4 billion, a testament to investor confidence in the company's long-term value.
'The decision to go public reflects SMC's strong market position, solid financial performance, and long-term growth ambitions,' said Chahine.
'Our goal is to become a national champion in healthcare.'
While the IPO proceeds will go to selling shareholders, Chahine said the listing boosts credibility and access to future capital markets: 'The IPO marks a natural next step in the Company's evolution.'
Labor market transformation
SMC's expansion also supports the Kingdom's labor market transformation.
With more than 2,300 healthcare professionals and over 494 physicians, the company invests in global partnerships for training and is committed to Saudization.
'Our retention rates are among the highest in the sector, fueled by a culture of excellence, continuous education, and clinical innovation,' he said.
Chahine said private providers like SMC are essential to Vision 2030's success: 'As government healthcare spending shifts toward policymaking and regulation, providers like SMC must step in to deliver accessible, high-quality care at scale.'
With record patient volumes, expanding infrastructure, and AI-led care models, SMC is positioning itself at the forefront of Saudi Arabia's evolving healthcare system.
'SMC's sophisticated business and operational model makes it ready to respond to market trends and play a key role in shaping the evolution of private healthcare in Saudi Arabia,' Chahine said.
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