ALBAWABA – Saudi paediatrician Suleiman al-Habib’s wealth jumped to SAR 42 billion ($11.19 billion) in 2024, making him the richest man in Saudi Arabia, Arabian Business reported Tuesday.
Habib, 70, founded his company in 1993, having held the positions of Chief Physician and Chief Paediatrician in two government hospitals in Riyadh.
The shares of Habib’s company in the Saudi stock market today hit a historic record high of SAR306 ($81.56), at a total market value of SAR107.1 billion ($28.55 billion).
Habib entered the Saudi billionaires’ list in 2020 after the initial public offering (IPO) of his company.
He made it into Bloomberg’s rich or billionaires list after he offered 17.4 million shares of his stake in the group that bears his name for sale at a price of SAR50 ($13.33) per share.
He soon then became the richest man in Saudi Arabia.
The Sulaiman Al Habib Group is one of the largest providers of health services in Saudi Arabia and the region. It had entered into an underwriting agreement for its initial public offering of shares, with Jadwa Investment Company and Riyadh Capital, as the financial advisor and underwriters.
Very few physicians rank among the richest people in the world, and the richest is HCA Healthcare co-founder Thomas Frist, with a net worth of $13.1 billion.
