Dallah Healthcare Holding Co will postpone the operation of the first stage of its Namar hospital project in Riyadh to the third quarter of 2017, previously scheduled to open in 2016, as the company has expanded the project to increase the capacity of the hospital,
The second stage of the project will be ready by the third quarter of 2018, Dallah said in a statement to the Saudi exchange, Tadawul.
As a result of the expansion, the cost of the project has increased to SAR 920 million from SAR 508 million. Up to SAR 360 million will be financed from the company’s IPO proceeds, SAR 100 million from the firm’s operations, and the remaining cost will be funded through loans from local banks and the ministry of finance, it added.
In July 2014, the healthcare provider signed a sharia-compliant SAR 955.5 million loan with the Saudi British Bank (SABB) to finance the construction of new hospitals, including Namar.
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