Fitpet, a Korean pet healthcare platform, announced that it has signed a Memorandum of Understanding (MOU) with Al Fahim Group for joint pet businesses and investment cooperation in the Middle East. The signing ceremony took place at Fitpet’s headquarters in Samsung-dong, Gangnam-gu in Seoul on August 28th.

Al Fahim Group, a major investment company in the United Arab Emirates (UAE), is actively involved in major businesses such as automobiles, real estate, and energy, and is actively investing in future businesses.

The MOU was attended by approximately 20 officials from both sides, including Jung-wook Ko, CEO of Fitpet, and Adel Al Fahim, CEO of Suffolk International, a subsidiary of Al Fahim Group. The two companies plan to carry out pet business joint ventures  in the Middle East and held discussions on business matters, including a field inspection on August 27th and 28th.

The two companies are known to have conducted in-depth discussions on investments related to pet healthcare businesses, such as animal hospitals and pet insurance, in the Middle East and North Africa (MENA) region, which is growing at a double-digit rate annually. Discussions included the establishment of animal hospitals capable of treating severe pet diseases, the establishment of a hospital management support company (MSO) to support the management of animal hospitals, pet insurance for pet medical support, pet food distribution business, and pet vertical commerce business.

Before signing the agreement, Adel Al Fahim visited Fitpet’s headquarters, affiliated animal hospitals, and pet food manufacturing plants. Adel expressed, “I was very impressed with the safe and hygienic manufacturing site and the animal hospital equipped with medical facilities at the level of a general hospital. I believe it has sufficient business competitiveness in the Middle East market.”

Jung-wook Ko, CEO of Fitpet, said, “Through this agreement, we have recognized the uniqueness and business potential of Fitpet’s pet healthcare business. We will accelerate our entry into the Middle East market together with Al Fahim Group.”

Fitpet is expanding based on data in the fragmented pet industry through the “Ahead” inspection kit, which allows for convenient pet health management using a smartphone. Fitpet also operates “Fitpet Mall,” a specialized vertical commerce platform based on AI algorithm recommendation services; “Fitpet Health Service,” a health management program that provides customized health information and motivation through goal achievement; “Fitpet Hospital Service,” which provides hospital reviews and animal hospital reservation services; and an “Animal Hospital Offline MSO Service” to provide convenience for both pet owners and veterinarians to build a pet healthcare value chain.

In addition, Fitpet is promoting the establishment of a specialized pet insurance company utilizing the big data on pets accumulated so far, and at the same time, it has launched a subsidiary corporate insurance agency (GA), “Smart Cover Insurance,” since February to recommend pet insurance through consultations and counseling for pet owners. Currently, it is partnering with five major non-life insurance companies to sell products.

Fitpet signed a contract with NH Investment & Securities as an underwriter in October last year and aims to be listed on the KOSDAQ market in 2025.