Saudi-listed Al-Mouwasat Medical Services approved a SAR 134 million expansion plan to annex new facilities to its Dammam hospital.
The plan, ratified by the board yesterday, includes building a multi-storey annex to the main hospital, which will add new 120 beds, and a 600-car parking lot, the company said in a filing on Tadawul.
The project will be operational in the first quarter of 2018, and will leverage profit by six percent in the first five years of operation, the company estimated.
Al-Mouwasat will finance 60 percent of the cost from internal resources, and the rest by Sharia-compliant loans from Saudi British Bank (SABB).
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