Visiomed Group has taken a further step in its move into Saudi Arabia, after signing a letter of intent (LOI) and entering into exclusive discussions with the Abrar Communications Group, announced in November 2022.

Visiomed Group has decided to set up a joint venture with two partners, Abrar and Al-Ghazzawi Group. The company will be 59% owned by Visiomed Group, 36% by Abrar and 5% by Al-Ghazzawi Group.

Following the recent signature of a shareholders' agreement, business licenses have been applied for. These licenses will enable the company to position itself on the large-scale prevention, diagnosis and medical screening markets.

Abrar and Al-Ghazzawi Group, as industrial groups with strong roots in Saudi Arabia, will play a key role in setting up the joint venture through their involvement with local stakeholders.

For this initial phase, the company will be capitalized by its shareholders from their own funds (125 kE, including 74 kE for Visiomed Group), before the refinement of a global financing plan for the project, including local banking resources, to ensure its development.

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