Riyadh – Mubasher: The board of Dr. Sulaiman Al Habib Medical Services Group (HMG) gave the green light for establishing a new hospital project in Al Kharj Governorate, south of Riyadh, at a total cost of SAR 458 million, according to a bourse filing on Sunday.

The project will be carried out by the subsidiary Sehat Al Kharj for Healthcare Company.

The 141-bed medical project is expected to start during the third quarter (Q3) of 2021, subject to the approval of relevant authorities.

Moreover, the medical group noted that the project will be funded by internal resources and through long-term Shariah-compliant loans from local banks.

The completion date is projected to be in Q3-24, while the project is expected to have an impact on the financial results for Q4-24 when commercial operations of the project begin.

Last February, the board approved a one-year contract worth SAR 71.04 million for the structural works of a new maternity and pediatric hospital.

 

Source: Mubasher

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