Riyadh – Mubasher: Dallah Healthcare Holding Company signed a contract worth SAR 334 million ($89 million) with Hashim Contracting and Trading Company for mechanical, electrical work and plumbing of phase one for Dallah Hospital, Namar, southwest of Riyadh.

The contract is planned to be financed with approved Islamic financing from a local bank, and works are expected to executed on 31 July, 2017, according to a bourse filing released on Wednesday. 

The first phase of the hospital, which will operate with a maximum capacity of 400 beds and 200 clinics, is expected to be finished in the third quarter of 2017 with a capacity of 150 beds and 100 clinics.

Dallah also inked a memorandum of understanding (MoU) with Shibh AlJazira Real Estate Development Company to form a company for the purpose of constructing and operating a general hospital in Jeddah, according to another bourse statement.

The capital of the new company will be formed by cash and in-kind shares represented in land with an area of 150,000 square meters in Manar district in north east Jeddah.