Riyadh-Mubasher: Al Hammadi Co. for Development and Investment said it has got the green light from Saudi ministry of finance for a SAR 197.6 million long-term loan.

The loan will be used to finance part of the construction of Al-Hammadi Hospital in Riyadh.

The company said it plans to pay off the loan through 20 equal annual installments, with a grace period of five years.

The final contract will be signed in the third quarter of this year, with the loan period extending from 11 June 2015 to 12 June 2040.

Al-Hammadi Hospital is expected to launch its trial operations in the first quar.