Mouwasat Medical Services said on Monday that its board of directors has approved the development of a new hospital in Al Qadisiyya, Riyadh, at an investment of 335 million Saudi riyals ($89 million).

The company will self-finance 25 percent of the project, while 75 percent of the funding will be sourced from local banks, it said in a stock exchange statement.

Project timelines, details about hospital capacity and facilities weren’t disclosed.

The company had said in its 2021 annual report that it would continue to expand both vertically and horizontally as evident through its Dammam project.

The report had noted that Mouwasat Digital Hospital in Knowledge Economic City, Madinah, would likely become operational in the second quarter of 2022. The report further stated that the company would shortly evaluate offers for its hospital project in Yanbu.

(Writing by Senthil Palanisamy; Editing by Anoop Menon)