Riyadh – Mubasher: Saudi Arabia-based Middle East Healthcare Co (MEAHCO) on Sunday said it has finalised 23% of establishing Saudi German hospital in Dammam.

Construction works of the project started on 7 December 2016, while the hospital is expected to be completed by June 2019, according to a statement to the Saudi Stock Exchange (Tadawul).

MEAHCO will reveal any developments of the project on a quarterly basis.

In December 2016, the Saudi healthcare provider handed over International Hospitals Construction Co. Ltd. (IHCC) to set up Saudi German hospital in Dammam at a value of SAR 336.45 million.

MEAHCO’s net profits levelled down 39.8% to SAR 60.03 million in the third quarter of 2017, from SAR 99.64 million in the same period a year earlier.  

The stock decreased 2.04%, closing Sunday at SAR 57.70.