A LEGACY OF TRUST

Bassam Chahine, CEO of SMC Healthcare, has been with the Saudi firm since its founding over 25 years ago. He became CEO in 2024, led its IPO this year, and is now steering the group's next chapter with plans to open three hospitals by 2030.

- HAGAR OMRAN

Across much of the world, universal health coverage is still an ambition rather than a reality. In Saudi Arabia, however, coverage has reached all citizens and 95.9% of the total population by 2024, reflecting the kingdom's Vision 2030 push to expand access and quality. Riding this wave of transformation, SMC Healthcare has positioned itself as a key player in the sector's next growth chapter, landing a successful $500 million IPO in June 2025.

"The IPO was a lifetime achievement," shares Bassam Chahine, CEO of SMC Healthcare. "In less than a year, we prepared, secured approvals, and listed on the Saudi Exchange—an accomplishment that reshaped our culture, strengthened governance, enhanced disclosure, and became one of the most defining moments in SMC's history."

The company's public listing ranked as this year's third-largest on the Saudi Exchange's main market as of September 2025, trailing only flynas at $1.1 billion in June and Umm Al-Qura for Development and Construction at $523.1 million in March. Combined, the main market saw nine IPOs valued at $3.3 billion in the first nine months of the year, underscoring the momentum of Saudi Arabia's capital markets.

Established in 1999, SMC Healthcare has been expanding its footprint, today operating two hospitals in Riyadh with a combined capacity of 578 beds and more than 300 clinics. Its facilities provide a full spectrum of care—primary, secondary, and tertiary—while concentrating growth in Riyadh, where underserved communities and anticipated supply shortages align with the government's push for privatization and private investment. This growth mirrors Saudi Arabia's healthcare agenda, which aims to raise the private sector's share from 25% to 35% by 2030 through privatizations, public-private partnerships, and new investor incentives.