Mouwasat Medical Services Co. plans to build a SAR 400 million hospital on land it purchased from Emaar EC in Madinah, the company said in a statement to Tadawul Monday.
The new project will raise operating capacity by 51 percent, and will replace Mouwasat’s old hospital in Madinah, which operated in a rented facility.
Construction on the hospital will start six months after the company gets building permit approvals.
The estimated added value on the company’s financial results amounts to 7 percent, Mouwasat said.
The company will finance 20 percent of the project, while the ministry of finance will fund 30 percent and loans from local banks will contribute 50 percent, the statement added.
Mouwasat expects to finish construction work within 34 months after receiving regulatory approvals, and plans to test-run the project for three months in Q4-2020.
The company had bought a SAR 50 million land plot from Knowledge Economic City (KEC) last December to build the integrated hospital project, Argaam earlier reported.
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