Riyadh – Mubasher: Mouwasat Medical Services Co signed on Sunday a memorandum of understanding (MoU) with Saudi-based Project Build Co (PBC) to expand Mouwasat’s hospital in Dammam.

The MoU is valued at SAR 150 million, effective from the date of signing for two months, according to Mouwasat's statement on Monday to the Saudi Stock Exchange (Tadawul).

The period of expansion works is 26 months, the medical services firm added.

Mouwasat forecast that the expansion's financial impacts will appear in its coming financial statements with an added value of 7%.

By 11:53 am Saudi time, Mouwasat’s stock increased 0.83 to SAR 157.