Thursday, 25 July 2024

Klaim, Tharwat Tuwaiq sign MoU to establish SAR 50M fund to support small, medium-sized clinics in Saudi Arabia


Klaim for Information Technology, has signed a new strategic memorandum of understanding with Tharwat Tuwaiq Financial Company. The MoU aims to support small and medium-sized clinics by providing them with a new venue for financial sustainability, while concurrently enhancing access to healthcare services.

In a statement to Maaal, the company said that the private health sector plays a pivotal role in bolstering the Kingdom’s endeavors to realize its national objectives in enhancing healthcare sector, as outlined in the Health Sector Transformation Program, which is an integral component of Saudi Arabia’s vision 2030 initiatives.

Through this agreement, Tharwat Tuwaiq is targeting to establish a financing program starting with the setup of a SAR 50 million direct financing fund, which will ensure that healthcare providers can receive funding quickly and efficiently, eliminating the burden of lengthy insurance payment cycles and improving their cash flow management.

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Through the fund, Klaim will further expedite this process, with a groundbreaking technology platform that is fully integrated with the newly established National Platform for Health and Insurance Exchange Services called (NPHIES) and promises to settle claims in cash within three business days.

“We are looking forward to partner with Klaim in launching a specialized Direct Financing Fund targeting the healthcare sector,” said Rayyan AlKhowaiter, CEO of Tharawat Tuwaiq Financial Company. Tharawat Tuwaiq`s mission is to grant its esteemed investors exclusive access to investment opportunities that cater to their investment desires.

AlKhowaiter added: “Although the Capital Market Authority (CMA) has allowed the establishment of direct financing funds as part of its strategic objectives to encourage foster the development of the capital markets, and despite the attractive returns offered by these alternative investment products in comparison to traditional fixed-income instruments such as Sukuk and Bonds, the Saudi capital market still in needs for innovative and substantial fixed-income investment products.”

Karim Dakki, CEO and Co-founder of Klaim, expressed enthusiasm about the partnership’s transformative potential for the financial landscape of healthcare in Saudi Arabia, drawing on successful strategies from their operations in the United Arab Emirates. “We anticipate that over SAR 3 billion in working capital could be unlocked and reinvested into the healthcare SME sector in the Kingdom.”

This partnership not only facilitates better financial operations for healthcare providers but also offers investors new, Sharia-compliant investment avenues, diversifying their options in line with modern financial technological advancements that focus on data analysis and artificial intelligence.

Klaim for Information Technology Company is a fintech pioneer in the Kingdom of Saudi Arabia, specializing in payment acceleration of medical insurance claims. It is dedicated to enhancing the financial operations of healthcare institutions through advanced technology and tailored financial services. The company started operations in 2020 and since then expanded its operations to Saudi Arabia, UAE and Oman.

Tharawat Tuwaiq a Riyadh-based financial institution licensed by the Capital Market Authority “CMA” addresses the investment gaps targeting to capitalize on underutilized investment opportunities, especially in local and international alternative investments as an important asset class in investors’ strategic portfolio allocation to enhance performance and diversification depending on clients’ appetite for risk.