Knowledge Economic City Co. on June 20 delivered a plot of land to the International Medical Center to build the first stage of a hospital project, based on an agreement between the two companies signed in April 2012.
KEC sold the land at SAR 22.8 million, but received only SAR 9.92 million. The remaining amount is due in four annual installments of SAR 3.22 million each year until September 2019, the company said in a statement.
The project had been delayed due to negotiations between the two parties regarding land area and location. The deal does not include any related parties and there will not be any fines for the delay, KEC added.
KEC in March 2012 signed an agreement with the International Medical Center to sell the plot of land for SAR 22.8 million, Argaam previously reported.
International Medical Center is 19.34 percent owned by Saudi-listed retailer Fitaihi Group Holding Co.
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