Establishment of Riyadh Health Foundation to Enhance Medical Care and Health Tourism
The Riyadh Health Foundation has been established following a decision by the board of directors of the Royal Commission for Riyadh City. This new institution is designed to be a non-profit entity with its own legal identity, aiming to create a cohesive regulatory and administrative environment that enhances the health sector, health tourism, and scientific research in the capital. The initiative seeks to position Riyadh as a regional and global leader in these fields.
Key Features of the Riyadh Health Foundation
The Riyadh Health Foundation encompasses several significant organizational characteristics. It is wholly owned by the Royal Commission for Riyadh City and is based in Riyadh. The foundation has the capacity to establish branches and offices both within and outside of Saudi Arabia.
The organization operates independently, reflecting its non-profit status. It is governed by a board of directors that oversees the approval of its strategies, budgets, and comprehensive development plans.
Strategic Objectives of the Foundation
The foundation’s strategic goals focus on improving health care and health tourism. It aims to cultivate a conducive environment for the growth of these sectors in alignment with global best practices. Furthermore, the foundation seeks to attract specialized expertise and investments within the health sector while supporting innovation and research through partnerships with local and global specialized centers.
Areas of Responsibility
The responsibilities of the foundation include developing a comprehensive health plan for Riyadh and managing various medical, residential, commercial, and service facilities. It will also undertake the establishment of medical universities and life sciences institutes, as well as hospitality facilities aimed at enhancing health tourism.
In addition, the foundation will own assets, invest funds, and create companies and investment funds, complying with approved regulations both within the Kingdom and internationally.
Governance and Management Structure
Governance of the Riyadh Health Foundation is entrusted to a board of directors that consists of five to eleven experienced members appointed for a three-year term that can be renewed once. The executive president is responsible for managing the foundation’s operations and implementing board decisions. Specialized committees, including a nomination and compensation committee and an audit and compliance committee, can be established. There is also the possibility of forming an international and local advisory board to support the foundation’s initiatives.
Financial Resources and Accountability
The foundation’s financial resources are derived from government grants, loans, accepted donations, investment returns, and service fees. To ensure financial integrity, the foundation’s accounts will be subject to independent audits, aligning its financial year with that of the Royal Commission.
General Provisions and Future Outlook
Employees of the foundation will be subject to labor laws and social insurance regulations in Saudi Arabia. Importantly, the foundation cannot be dissolved or merged with others without a royal decree, ensuring its long-term sustainability.
Looking ahead, the Riyadh Health Foundation is poised to transform the medical landscape and health tourism in the region. As it begins to implement its initiatives and strategies, stakeholders will be closely monitoring its progress, particularly in establishing collaborations that may enhance the quality of health services available in Riyadh. The foundation marks a significant step towards elevating the city’s status as a hub for health care excellence and innovation.
