Arabian International Healthcare Holding Company (TIBBIYAH) announced that it has entered into a definitive Joint Venture Agreement to cooperate with UNILABS DIAGNOSTICS AB in the formation and operation of a limited liability company to be called Saudi European Diagnostics Company (SEDC) in the Kingdom to be owned 51% by UNILABS 49% by TIBBIYAH, to provide diagnostic imaging services to hospitals, medical centers and clinics and invest in, operate, manage and maintain departments or divisions of hospitals, medical centers and clinics specializing in diagnostic imaging services in the public and private sectors. The establishment of SEDC represents TIBBIYAHs continuous investment in the healthcare services vertical, being a milestone that is in line with its strategy to become a diversified healthcare holding company. Eventually, with a compelling value creation proposition for TIBBIYAH and its shareholders, SEDC is expected to be value accretive, with a clear plan to grow the business generally and in diagnostic imaging services and radiology services particularly.

Unilabs is one of Europes leading diagnostics companies, offering a complete range of laboratory, pathology, and imaging services to patients across four continents. A leading digital champion covering the full diagnostic spectrum, Unilabs +14,200 people save lives every day. Unilabs invests heavily in technology, equipment, and people using digital technologies in its laboratories and imaging institutes to improve the lives of close to 100 million people every year.

The definitive Joint Venture Agreement is subject to some pre-closing conditions, including, without limitation, obtaining the approval of the General Authority for Competition as well as other conditions of a regulatory and commercial nature.