Dallah Healthcare signs MoU with Dallah Real Estate to invest in joint-owned lands in Riyadh

Logo of Dallah Healthcare Co.

Dallah Healthcare Co. signed today, Oct. 13, a non-binding memorandum of understanding with Dallah Real Estate Co. to invest in lands owned by the two parties and located in Riyadh city, Al Nakheel area, according to a bourse filing.

The MoU is intended to boost land values and achieve higher investment revenue for both parties, where a legal entity will be formed to own the lands; therefore, the parties agreed on the following: appointment of a joint working team to conduct due diligence to ensure the legality of licenses and appointment of a highly qualified financial, legal and investment consultants to conduct a professional integrated study of the project including the best use to utilize and invest the lands and proposing a suitable legal entity that meets the requirements of this agreement.

The MoU will be effective as of the signing date until April 12, 2023, unless the parties agree otherwise in writing, the company added.

The expected financial effect cannot be identified during this period except after finishing studies.