Dr. Sulaiman Al Habib Medical Group’s (HMG) board of directors approved on August 16, the construction of a new maternity and pediatric hospital in Riyadh as a branch of Gharb Al-Takhassusi Hospital, at an estimated cost of SAR 472 million.
The hospital will be developed on a 7,170 square meter land plot, owned by the company at the intersection of Al-Takhassusi Road with King Abdullah Road, it said in a bourse filing on Monday.
Construction work is likely to start in Q3 2020, subject to approval from relevant authorities. The expected date of completion is Q4 2023.
The project will be funded through internal resources and long-term Shariah-compliant facilities from local banks, the statement noted.
The new hospital is expected to have a positive impact on the financials following possible operations beginning in Q1 2024 after obtaining approval from the Health Ministry. More details on the financial impact will be announced in due course.
In addition, the parties to the project will also be disclosed after requisite approvals are obtained, the statement added.
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