Alandalus Property's Jeddah hospital to launch operations by Q3 2023

Alandalus Property Co. said that Sulaiman Al-Habib hospital in Jeddah is expected to be complete by Q2 2023 and will launch operations in Q3 of the same year, according to a bourse statement.

"The hospital project is so far 2.5% complete and the project is forecast to cost SAR 1.56 billion," according to the statement.

The delay was attributed to the construction designs, and the building permits, while the cost hike was driven by increasing the built-up areas (BUA) in the project.

There is no relevant financial impact resulting from this delay, the statement added.

The hospital project will be financed mainly through bank loans, and partially through the partners' own resources.

The Jeddah hospital, to be located western of the Kingdom, is an equally-owned joint venture with Sulaiman Al Habib, under a deal signed in October 2014, according to data compiled by Argaam.