Balsam Al-Ufuq Medical Company, also known as Balsam Medical, announced a new milestone in its track record in the medical services sector. The company has officially received a letter of award for a vital project related to the operation and maintenance of primary healthcare services. This project falls under the Ras Al-Khair City program, part of Jubail Industrial City, and is being undertaken in collaboration with the Royal Commission for Jubail, the entity responsible for developing and operating major industrial cities in the Kingdom.
Contract details and duration
In an official statement published on the Saudi Stock Exchange (Tadawul) website, the company clarified that the total value of this contract is estimated at SAR 71.8 million. The contract extends for a period of five years, during which the company will carry out all necessary operation and maintenance work to ensure the continuity and quality of primary healthcare services in the specified area, reflecting confidence in the company's operational and technical capabilities.
The strategic importance of Ras Al Khair city
This contract is of particular importance given the project's strategic geographic and economic location. Ras Al-Khair Industrial City is a cornerstone of Saudi Arabia's industrial economy. The city boasts massive industrial complexes and a strategic port, making the provision of high-quality primary healthcare services to its workers and residents crucial for ensuring the safety of the workforce and the continuity of production. Balsam Medical's winning of this contract in such an economically sensitive region underscores the Royal Commission for Jubail's commitment to selecting partners capable of meeting stringent quality and safety standards.
Keeping pace with the transformation in the health sector
This project aligns with the Kingdom's overall direction under Vision 2030, which places great emphasis on developing healthcare infrastructure and enhancing the private sector's role in operating and managing medical services. Primary healthcare is considered the first line of defense and the cornerstone of the healthcare system, as its improvement contributes to raising quality of life and preventing diseases. This is what the Royal Commission seeks to achieve in its industrial cities by providing an integrated and ideal work and living environment.
Expected financial impact
This contract is expected to have a positive impact on Balsam Medical Company’s financial statements over the next five years, as this project represents a stable cash flow and enhances the company’s market share in the field of operating governmental and semi-governmental medical facilities, thus supporting its expansion plans and the sustainability of its business in the Saudi market.
