One of Saudi Arabia's oldest medical groups Dr Soliman Fakhee, has ambitious plans to construct a $272 million "smart hospital" and medical university in Dubai. The group seeks to raise finance for this and is mulling an initial IPO of 30% of its shares.
The plan is for a 2 phase opening of the 300 bed hospital with the first 150 beds to be open in 2017 followed by the second 150 beds to open in 2019 along with a research focused university situated in Dubai Silicon Oasis (DSO).
The DSO Chairman Sheikh Ahmed Bin Saeed Al Maktoum commented that this project will help Dubai attract 500,000 medical tourists per annum and boost the local economy by up to AED 2.6 billion in the following 5 years. DSO is a wholly Government owned entity and operates as a tax free zone.