Saudi-headquartered Dr. Sulaiman Al Habib Medical Services Group (HMG) has signed a conditional investment agreement with the Royal Commission for Jubail and Yanbu (RCJY) to construct and operate a hospital in Al-Dafi district of Jubail Industrial City.

A land plot of 115,500 square meters has been allocated for the hospital, the company said in a statement to the Saudi stock exchange.

The company will submit the engineering drawings and project specifications, including the proposed development area and infrastructure works, for approval to RCJY within 12 months.

Following the approval of the final engineering drawings, RCJY will finalise the investment agreement with HMG to lease the land for 50 Hijri years at an annual rent of 1.15 million Saudi riyals, the statement added.

In its 2022 annual report, the company announced investments of more than 6.5 billion Saudi riyals ($1.73 billion) to construct six hospitals.

(Writing by D Madhura; Editing by Anoop Menon)