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Sulaiman Al Habib to build hospital in Riyadh worth SAR 472m

Sulaiman Al Habib to build hospital in Riyadh worth SAR 472m
The new hospital will be built on a land spanning 7,170 square metres
ALHABIB
4013
2.13% 134.00 2.80

Riyadh – Mubasher: The Board of Directors of Dr. Sulaiman Al Habib Medical Services Group approved the project to set up a new maternity and pediatric hospital in Riyadh as a branch of Gharb Al-Takhassusi Hospital.

The new hospital will be built on land owned by Sulaiman Al Habib spanning 7,170 square metres at an estimated cost of SAR 472 million, according to a bourse filing on Monday.

Moreover, the project will be financed through the company’s own resources and long-term Sharia-compliant loans.

Construction works are expected to begin during the third quarter (Q3) of 2020 and end in Q4-23, subject to regulatory approvals.

Moreover, the investment is predicted to reflect positively on the company’s financials once it becomes fully operational in the first quarter of 2024.

Further details will be provided in due course, the statement concluded.