Riyadh–Mubasher: The board of Middle East Healthcare Company (Saudi German Hospital) has approved to award a construction project worth SAR 223.30 million to International Hospital Construction Company (IHCC).

Upon the agreement, IHCC will construct 14 clinics within the outpatient tower and expand the inpatient beds to total 207 in Saudi German Hospital Riyadh, according to a bourse filing.

Meanwhile, the Saudi listed firm expects that the project will be implemented within 36 months from the awarding date of the contract on 6 July 2022.

The board’s recommendation is still subject to the approval of the ordinary general meeting (OGM).

In the first quarter (Q1) of 2022, Saudi German Hospital reported net profits after Zakat and tax worth SAR 20.49 million, an annual hike of 69.33% from SAR 12.10 million.