Riyadh – Mubasher: Zamil Industrial Investment Company and Dr. Sulaiman Al Habib Medical Services Group inked a contract at a value of SAR 758.68 million through their subsidiaries, according to a bourse disclosure.

Zamil Air Conditioning and Refrigeration Services Company will team up with Al Muhammadiyah Hospital for Healthcare Company to handle the mechanical, electrical, and plumbing (MEP) works for the Al Muhammadiyah Hospital project in Jeddah.

The two parties signed the agreement, which holds a tenor of 14 months and a half, on 27 August 2023.

Dr. Sulaiman Al Habib plans to finance the hospital through its own resources and long-term Sharia-compliant facilities from local banks.

The group expected the deal to reflect on its income statements once it starts operating at the end of 2024.

Meanwhile, Zamil Industrial highlighted that the financial impact of the project will reflect positively on its consolidated income results during the third quarter (Q3) of 2023.

In the first half (H1) of 2023, Dr. Sulaiman Al Habib recorded net profits after Zakat and tax valued at SAR 976.24 million, while Zamil Industrial posted net losses after Zakat and tax amounting to SAR 197.90 million.