Almoosa awards SAR 192M contract for initial works of Al-Hofuf hospital

One of Almoosa Health Co. hospitals

Almoosa Health Co. signed, on July 10, a SAR 192 million contract with MASAH Specialized Construction Co. to carry out preliminary construction and foundation works for Almoosa Specialist Hospital project in Al-Hofuf.

The contract also includes the construction of the concrete structure, the company said in a statement to Tadawul.

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The work scope of the 14-month contract includes all tasks outlined in these phases as per the approved designs and technical specifications.

Excavation and site leveling works have been completed. The contract’s execution will commence immediately in line with the approved project schedule and overall implementation plan.

The company plans to finance the project through a strategic funding structure, combining proceeds from its public offering and long-term Shariah-complaint bank financing.

The financial impact of the contract is expected to commence upon the completion and operation of the hospital, the statement said, adding that there are no related parties to the deal.

There are no related parties to the deal.