Almoosa Health Company has secured a Shariah-compliant credit facility of 650 million Saudi riyals ($173.2 million) from Banque Saudi Fransi.

The seven-year facility will be used to support the expansion and growth strategy, the company said in a statement to the Saudi stock exchange on Sunday.

The Islamic facility will extend over a period of seven years and will be guaranteed by a promissory note.

In July, the company signed a contract with MASAH Specialized Contracting Company at a value of SAR 192 million to cover preliminary construction works and the concrete structure for the Almoosa Specialist Hospital project in Al Hofuf.

Almoosa Health commenced trading on the Main Market last month. It offered 30% of its total issued share capital after the Capital Market Authority greenlighted its initial public offering in September 2024.

(Editing by Seban Scaria seban.scaria@lseg.com)