Riyadh – Mubasher: Knowledge Economic City on Tuesday announced delivering a plot of land to International Medical Centre (IMC) to begin the development of the first stage establishing an integrated hospital as part of the Knowledge Economic City project.

The land plot amounts SAR 22.8 million to be paid on installments spanning 7 years, Knowledge Economic City stated in a filing to the Saudi Stock Exchange (Tadawul).

A sum of SAR 9.92 million from the total value of the land has been received, the company said, adding that the remainder will be paid on four equal installments of SAR 3.2 million in September of every year.

The final installment should be paid on September 2019.

The delay in beginning the hospital project was due negotiations between the two companies over increasing the size of the land allocated to the hospital or replacing it with another plot owned by the company, the statement added.

A delay in receiving infrastructure works in the northern part of the project also contributed to the delay, it said.