Saudi-based Mouwasat Medical Services Co. has secured the board approval to set up a 335 million riyals ($89 million) new hospital in Qadisiyyah neighborhood, Riyadh.
Saudi-based Mouwasat Medical Services Co. has received an approval from its board to set up a 335 million riyals ($89 million) new hospital in Riyad's Qadisiyyah neighborhood.
In a bourse disclosure on Tuesday, the healthcare services provider said it would fund 75 percent of the project through bank loans, while the remaining 25 percent would be financed through internal resources.
In Q1-2022, the healthcare services provider generated 150.21 million riyals in net profit, compared to 147.19 million riyals in the year-earlier period.
Last week, Mouwasat signed a 295 million riyals contract with Tareg Al Jaafari Contracting Co. to construct a hospital project in the Al Sawari neighborhood.
(Writing by Brinda Darasha; editing by Seban Scaria)