Net asset value (NAV)
TENTATIVE MANAGEMENT TARGET HEALTH ALLIANCE FUND / 2027 STRATEGY
The power
of an alliance.
The potential
to transform.
A Saudi healthcare investment platform designed to innovate, build, scale and globalize.
INNOVATE→BUILD→SCALE→GLOBALIZE
Local prosperity.
Global presence.
Global presence.
OUR DESTINATION / THREE-YEAR MILESTONES
Where we are going.
Three years. One ambition.
These are the milestones we aim to reach within three years of securing the required capital. Achievement is contingent on capital being secured and released, asset approvals and execution milestones.
3 YEARS
FROM CAPITAL SECURITY TO TARGET DELIVERY
The three-year target period begins when the required capital is secured. These are conditional management ambitions, not guaranteed outcomes.
Localized products,
technologies & systems
Specialized
centers
Facilities
managed
Export
markets
Local
content
Global assets
acquired
Value for the Kingdom
Health securitySaudi talentLocalized IPProductivityNon-oil exportsRegional influenceFinancial returns
OUR STORY
Built on the power of alliance.
Health Alliance Fund was founded on a simple belief: the future of healthcare will be built by connected capabilities working as one alliance.
We bring together healthcare businesses, specialist operators, manufacturing, technology and supply-chain solutions under a shared platform. Each business focuses on its strengths while benefiting from the scale and know-how of the wider ecosystem.
What began as an investment philosophy is evolving into an integrated Saudi healthcare platform designed to innovate, build, scale and globalize.
To build the region’s most innovative healthcare investment platform.
Innovate, build, scale and globalize healthcare businesses through specialized know-how, operational excellence, localization and technology — creating local prosperity, sustainable investment value and global presence.
PLATFORM FIGURES · AS STATED IN THE 2024 REPORT
CAPITAL DEPLOYED / AUMSAR 56mCash and in-kind
NET ASSET VALUESAR 73mReported for 2024
NAV GROWTH SINCE INCEPTION30%+Historical, source-stated
TENDER PIPELINESAR 590m+Pipeline, not contracted revenue
The Saudi market context +
02 / THE COMPANY PORTFOLIO
Distinct expertise.
A shared direction.
Explore the manufacturing, clinical and operating platforms. Company facts, related brands and proposed expansion are presented together in each profile.
03 / NEW COMPANIES & ENABLING CAPABILITIES
Complete the value chain.
Connect the intelligence.
Distribution and packaging create the route to market. Digital systems connect the operating layer — completing the platform’s four-pillar strategy.
From innovation to availability.
The proposed BIBS pipeline spans innovative allografts, advanced implants, medical-device distribution and logistics. Procurement and tender orchestration connect demand with the wider platform.
Advanced implantsAllograftsDistribution & logistics
Market-ready, by design.
A proposed high-end digital printing and specialized packaging facility serving medical, pharmaceutical, bio-grade and food-grade applications, with potential to serve GCC and MENA markets.
Regulated packagingLabeling & traceabilitySupply-chain support
Specialist care for growing lives.
A proposed outpatient and specialty platform combining medical and educational facilities, within the network’s expansion pipeline.
ADDITIONAL PROJECTS IN THE PRESENTATION
New capabilities. A complete development pipeline.
Proposed projects and expansion concepts. Company formation, branding, licensing and investment approvals remain subject to development.
Medical Manufacturing City
Manufacturing, R&D, quality / regulatory capability, logistics, training and clinical feedback.
Scientific Training Academy
Clinical and operational training, leadership, operating playbooks and Saudi talent development.
AI & Digital Systems
Localized workflows, analytics, interoperability, automation and healthcare operating IP.
TPA & Shared Services
Proposed administrative and shared operating capabilities supporting the network.
Sports Medicine & Orthopedics
Specialty platforms linked to implants, rehabilitation and spine care.
Head & Neck / ENT
A proposed specialist center-of-excellence platform.
Day Surgery Centers
Repeatable procedural platforms focused on utilization and operational efficiency.
3D Printing & Dental Laboratory
Advanced treatment support and dental laboratory capability.
Cardiology Center
A proposed specialty expansion concept subject to clinical and commercial diligence.
Managed Facilities & Franchise Expansion
Third-party facilities, hospital departments and licensed operating models.
AI & DIGITAL SYSTEMSThe operating
The operating
intelligence layer.
Develop and own selected workflows and IP where they improve platform economics and can scale beyond Health Stars Alliance.
CareClinical pathways, patient engagement and specialty workflow automation
OperationsScheduling, revenue cycle, productivity and facility dashboards
ManagementInventory visibility, demand forecasting, suppliers and healthcare ERP
CommercialTender analytics, pricing, contracting and distribution
DataInteroperability, outcomes, decision support and management reporting
The innovation pathway: how needs become know-how +
Clinical experience
feeds product innovation.
Care generates needs and demand signals. Manufacturing and digital teams develop solutions; distribution, printing and packaging creates reach; the academy retains the know-how.
- Clinical need
- Academy & talent
- R&D / engineering
- Technology transfer
- Prototype & validation
- Manufacturing / deployment
- Commercialization
- Regional export
THE TACTICAL ADVANTAGE FOR SAUDI ARABIA
Build capability here.
Create value beyond the Kingdom.
Turn healthcare demand into Saudi-owned technology, operating expertise and exportable capability.
Localize production. Own technology.
Transfer know-how, qualify Saudi suppliers and build regulated manufacturing capability. Export selected products and expertise.
Build Saudi operating platforms.
Develop repeatable clinical models for SMEs and franchises. Replicate centers and operating expertise across the Kingdom and region.
Own workflows and intellectual property.
Develop localized healthcare systems that improve productivity and can be commercialized beyond the platform.
Control the route to market.
Integrate procurement, distribution and specialized digital packaging to strengthen supply security and regional market access.
HEALTH SECURITYLOCAL CONTENTSAUDI TALENTNON-OIL EXPORTS
04 / THE CAPITAL STRATEGY
A mandate to scale.
Capital released on proof.
The proposed program preserves the established fund vehicle. Investment decisions remain asset-specific, with evidence required before each release.
TOTAL PROPOSED SCALE-UP CAPITALSAR 1.0bn
The illustrative mix favors hard-to-replicate manufacturing capability while funding clinical scale, route-to-market and digital IP.
Explore each allocation for its investment rationale →Five capital stages.
Select a stage to see what it funds.
EVIDENCE REQUIRED BEFORE RELEASE
Demand · Asset economics · Localization · Regulatory readiness · Management capability · Scale potential
Explore the Stage 1 asset-level assumptions +
| Investment / capability | Capital | Ownership | Stage 5 NAV | EBITDA | Decision gate |
|---|---|---|---|---|---|
| Manufacturing / localization IPs | SAR 90m | 30% proposed | SAR 1.8bn | 31% | Off-take + technology transfer |
| Dr. Basaffar network expansion | SAR 35m | 65% proposed | SAR 250m | 18% | Site economics + demand |
| Packaging / digital printing | SAR 45m | 100% | SAR 90m | 22% | Customer + regulatory case |
| Operating company / HSA | SAR 15m | 65% proposed | SAR 75m | 23% | Internal proof + contracts |
| AI & digital systems | SAR 25m | 100% | SAR 200m | 38% | Adoption + productivity |
| Advanced medical supplies distribution | SAR 25m | TBD | SAR 350m | 19%–29% | Volume + margin |
STAGE 1 TOTALSAR 235m
05 / THE EXECUTION ROADMAP
Sequence the proof.
Then accelerate.
The operational roadmap supports the three-year target ambition from capital security, with regional and global expansion potentially continuing beyond that horizon. All timing remains conditional on financing and execution gates.
Align & prioritize
Confirm the pipeline, scale thesis, management metrics and transaction shortlist.
Accelerate
Scale priority existing assets; execute initial localization and operating-company moves.
Integrate
Connect specialty care, manufacturing, digital systems, distribution and packaging.
Expand & export
Replicate across KSA and selectively launch regional products, facilities and partnerships.
07 / GOVERNANCE & RESILIENCE
Ambition, with
accountability.
Existing governance relationships provide the foundation. Asset-level approval and milestone gates support the proposed scale program.
FUND MANAGER
Itqan Capital
CUSTODIAN
Alinma Capital
AUDITOR
RSM Saudi Arabia
TECHNICAL ADVISOR
Business Model Co.
SHARIA SUPERVISION
Dar Al Muraja’a Al Sharia
Plan for resilience.
Explore how management proposes to respond as operating conditions change.
Key risks & proposed responses
Execution & capital intensity +
Dedicated operating company, clear portfolio governance, asset-level investment committee approval, milestone tranches and co-investment / JV structures.
Manufacturing & regulation +
Secure anchor demand and technology transfer before expanding capacity. Build regulatory and quality capability into product selection and diligence.
Talent & technology +
Use the academy, international partnerships and knowledge-transfer obligations. Apply modular capex, licensing and periodic portfolio review.
Specialty & geographic expansion +
Prioritize proven, repeatable specialty platforms. Prove the Saudi operating model before selective regional and global entry.
CONTINUE THE CONVERSATION
Explore the detail.
Evaluate the opportunity.
Review the latest investment kit, including the management proposals and fund disclosures.
Download the investment kit ↗CONFIDENTIAL · FOR DISCUSSION PURPOSES ONLYData and management targets are tentative and subject to change. Proposed investments and capital releases remain subject to approval; outcomes and returns are not guaranteed.
Fund specifications & important disclosures +
Structure Private open-ended / private ownership fund
Strategy Private equity / capital appreciation
Minimum subscription SAR 1,000,000
Unit price SAR 1,000
Fund term / size Open / unlimited
Valuation End of each financial year
Stage 1 target capital SAR 235 million
Source-stated expected ROI 15%–22%; not independently forecast
Specifications must be reconfirmed against current legal and offering documents. This website summarizes the supplied draft investment kit for discussion; it is not legal, financial or investment advice, an investment approval, or a return forecast. Investors should review the applicable terms, fees, expenses and principal risks and seek appropriate professional advice. Values can fluctuate and investors may not recover the amount invested. Past performance does not indicate future returns.
The source disclosure states that Itqan Capital and its directors, board members, advisers, staff and affiliates provide no warranty or undertaking on the accuracy, completeness or usefulness of the information and assume no legal liability or responsibility. Information may change without notice. Reproduction requires written permission unless otherwise stated. Itqan Capital is described in the deck as CMA licensed under No. 37-07058. Fund terms are available from its Business Development Department, Jeddah, Al Zahraa District, Ahmed Al Attas Street; telephone 0122638787.
Sources, image credits & methodology +
Section references: story and fund evidence, pp. 4–7; portfolio and brands, pp. 8–9 and 23–34; Saudi tactics, pp. 13–14; capital, pp. 17–20; digital and innovation, pp. 35–39; destination, p. 40; governance and risks, pp. 6 and 41–42. The three-year horizon from capital security reflects the updated management direction. Hero photography: Visit Saudi / Jeddah Corniche and Riyadh skyline image source. Governance logos: supplied Business Model Co. artwork and the official RSM, Shariyah Review Bureau and Alinma Capital websites. Adapted from “PDF V.8 HAF 2027 1bn investment kit,” supplied by the user. Website figures reflect the supplied materials and subsequent management instructions. Capital charts visualize source values; they do not model returns. Original logos, wordmarks and product artwork were extracted from the supplied PDF and displayed without recoloring, redrawing or distortion. The pillar allocation describes intended use of funds; the five-stage plan describes conditional release of capital. These are separate dimensions of the proposal.
The draft cites Saudi Vision 2030’s Health Sector Transformation Report 2024, Invest Saudi Healthcare & Medical Devices, Vision 2030’s overview and the National Biotechnology Strategy. Those external market claims have not been independently verified for this website. Refer to the original kit for the complete source context, detailed asset assumptions and proposed specialty pipeline.