Riyadh Health City Foundation established as global medical and wellness hub

The official gazette Umm Al-Qura published on Friday the bylaws for the Riyadh Health City Foundation, which has been granted independent legal, financial, and administrative status. The foundation is a non-profit entity with a special nature, and the regulations take effect from the date of publication.

According to the bylaws, the foundation is owned by the Royal Commission for Riyadh City and is headquartered in Riyadh. It may establish branches and offices outside Saudi Arabia as needed. The foundation will be overseen by the commission's board of directors, which will approve its vision, strategic plans, budget, and the city's comprehensive development plan.

The foundation aims to advance the medical care and health tourism sectors, creating an environment conducive to their growth and positioning Riyadh as a regional and global leader in these fields according to international best practices. Its objectives include attracting specialized expertise and investment in healthcare, supporting education, research, and scientific innovation, and building local and international partnerships with specialized centers.

Under the bylaws, Riyadh Health City encompasses land allocated to the foundation for attracting activities and investments in healthcare, education, and medical research. It also includes areas for other entities outside its direct scope, which will be linked to the foundation through memoranda of understanding.

Key powers of the foundation include preparing the city's comprehensive development plan, establishing and operating facilities such as residential complexes, office and commercial spaces, hospitality venues, and founding medical universities, life sciences institutes, and medical, educational, and research facilities, or acquiring shares in them. It is also tasked with designing initiatives and incentives to strengthen Riyadh's position as a leading center for medical and health tourism.

The foundation is authorized to own and invest in assets within and outside the Kingdom, including real estate, company shares, and securities. It may also establish companies, non-profit entities, and investment funds, create endowments, accept donations and grants, and secure loans in accordance with regulations approved by the commission's board.

The foundation will be managed by a board of directors comprising between five and eleven members with relevant expertise, appointed by the Royal Commission for Riyadh City for a renewable three-year term. The CEO is appointed by the board, which may also form an advisory council of local or international members.

The bylaws stipulate that the foundation's employees are subject to Saudi labor and social insurance regulations. The foundation may not be dissolved, merged, or have its bylaws amended except by royal decree.