Fakeeh Care signs SAR 97.3M land lease deal with Madinah Municipality

Fakeeh Care signed a 50-year lease to develop a medical college and medical center in Madinah

Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care) signed, on Dec. 17, a 50-year agreement with the Madinah Municipality to lease a 12,301 square meter (sqm) land plot in a strategic location in Madinah, according to a statement to Tadawul.

The land plot will be leased for the construction and operation of a medical college and a medical center.

The total value of the contract amounts to SAR 97.3 million, excluding value-added tax, representing the aggregate lease value over the 50-year term, including a 2.5-year grace period.

Under the agreement, Madinah Municipality leased a plot of land to Fakeeh Care located at the intersection of Sulaiman bin Abdulaziz bin Utbah Road and Fatimah bint Asad bin Hashim Road.

The relevant financial impact will likely begin upon completion and operation of the project. Any related material developments will be disclosed at the appropriate time, in accordance with relevant rules and regulations.

The group aims to expand its current presence in Madinah into an integrated platform combining healthcare and education within Fakeeh Care’s operations, while expanding its hub-and-spoke model in the Kingdom’s western region.

The group already operates a specialized hospital in a strategic location on Sultanah Road in Madinah. The new additions will transform the group’s operations in Madinah into a fully integrated operational hub under its model, encompassing primary care, training, and advanced healthcare within a single city.