Dr. Soliman Abdulkader Fakeeh Hospital Company (Fakeeh Care) has signed a 50-year land lease agreement with the Madinah municipality to construct and operate a medical college and a medical centre.

The leased land area is 12,301 square metres (sqm) in a strategic location in Madinah, the company said in a statement to the Saudi stock exchange on Thursday.

The total lease amount is 97.31 million Saudi riyals ($25.94 million) for 50 years, including a 2.5-year grace period.

The financial impact of the contract is expected to start upon completion and operation of the project, the statement added.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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