• Wednesday, May 29, 2024
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BusinessDay

Meet Al Habib “One of the World’s” richest doctors worth $12 Billion

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Dr. Sulaiman Abdulaziz Al Habib presently holds the fifth position among the wealthiest physicians, as per Bloomberg. He joins an exclusive cohort of highly affluent medical professionals globally, including Miriam Adelson and Thomas Frist. Miriam Adelson, the widow of casino magnate Sheldon Adelson, boasts a net worth of $34 billion, while Thomas Frist, co-founder of HCA Healthcare Inc., is valued at $25 billion.

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Soaring profits at his healthcare giant, Sulaiman Al Habib Medical Services Group, have propelled Dr. Al Habib’s net worth to $12 billion, restoring him to the ranks of the Middle East’s wealthiest individuals.

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In his early 70s, Sulaiman Al Habib founded the $28 billion healthcare chain in 1993, transforming it from a single clinic to a sprawling network of 22 medical facilities and 22 pharmacies across Saudi Arabia, the UAE, and Bahrain. Ten hospitals and medical centers are also under development, further solidifying his company’s position as a regional healthcare leader.

Besides his involvement in healthcare, Dr. Al Habib also ventures into commercial real estate through a holding company, as revealed in the IPO prospectus of Dr. Sulaiman Al Habib Medical Services Group Co.

This strategic move proved fruitful, as a recent 30% surge in Sulaiman Al Habib Medical Services shares since October’s year-long dip has catapulted Dr. Al Habib to the dizzying heights of the Middle East’s 3rd-richest non-royal, as Bloomberg’s Billionaires Index confirms.

The healthcare chain’s stock, having surged sixfold since its initial public offering in 2020, is approaching a historic peak, outpacing the Tadawul index since being listed.

His educational background is impressive, Having earned his medical degree from Riyadh’s King Saud University in 1977 and a fellowship in pediatrics from the British Royal College of Physicians in 1984.

Before his entrepreneurial ventures, Dr. Al Habib held key medical roles in government-owned hospitals in Riyadh.