Alandalus Property Co. on Monday said it has received the building permit from Jeddah Municipality for its SAR 1.15 billion hospital in Jeddah, which is being developed in joint venture with Dr. Sulaiman Al-Habib Medical Group.
The building permit has been granted in the name of West Jeddah Hospital Co, it said in a statement to Tadawul.
The general administration of Health Affairs in Jeddah has also given its preliminary approval.
The design works has been finalized and HMG, the developer partner, has assigned the excavation contractor to commence site preparation and excavation works.
At present, HMG is inviting contractors to bid for the main construction works.
The hospital is set for completion in Q1 2022 and will become operational in the second quarter. It will be financed mainly through bank loans, and partially through the partners own resources.
The project is expected to have a positive effect on the company's financial results after it is fully established, the statement added.
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