Riyadh – Mubasher: Two subsidiaries of Dr. Sulaiman Al Habib Medical Services Group have signed contracts worth SAR 599.54 million for Al Muhammadiyah and Gharb Jeddah hospitals, according to a bourse disclosure on Tadawul.

The board of the listed medical group approved for Al Muhammadiyah Hospital for Healthcare Company to sign a deal worth SAR 311.15 million with United Standards Company for the enabling and structural works for Al Muhammadiyah Hospital.

The contract duration is 18 months starting from the date of signing the deal on 24 October 2021.

Dr. Sulaiman Al Habib noted that the contract is expected to reflect positively on the financial results of Al Muhammadiyah company as of 2024.

In a separate filing to Tadawul, the listed firm said its board gave the green light for its subsidiary Gharb Jeddah Hospital Company to ink a deal worth SAR 288.39 million with Abdullathif Al Arfaj & Brothers Holding Company.

The contract covers the mechanical, electrical, and plumbing, as well as gypsum works for Gharb Jeddah Hospital.

The duration of this deal is 14 months starting from 24 October 2021.

The contract is also projected to reflect positively on the financial results of Gharb Jeddah company as of 2023.

Dr. Sulaiman Al Habib plans to finance the two investments through internal resources and long-term Sharia-compliant loans from local banks.