Fitaihi affiliate to set up new hospital in Madinah

Fitaihi Group Holding Co., a Jeddah-based jewelry and luxury home furnishing retailer, said its affiliate International Medical Center signed an agreement on Monday to establish a medical center in Madinah.

The new hospital will utilize the latest medical equipment, in addition to out-patient clinics and a training center, Fitaihi said in a statement to Tadawul. It is set to be completed by the end of 2019.

Relevant financial impact will be revealed at a later time, the company added.

The land plot allocated for the medical center was purchased in March 2012 from Knowledge Economic City Co. at a total value of SAR 22.81 million.

Up to 9.92 million has been paid up. The remaining amount will be paid in four installments of SAR 3.22 million due in September each year throughout 2019.

Fitaihi owns a 19.34 percent stake in International Medical Center.