Sulaiman Al Habib approves new hospital in Al-Kharj at cost of SAR 458 mln

A hospital of Sulaiman Al Habib Group

Dr. Sulaiman Al Habib Medical Services Group’s (HMG)) board of directors approved establishing a new hospital in Al-Kharj through its fully owned subsidiary, Sehat Al-Kharj for Healthcare Co., at an estimated cost of SAR 458 million, the group said in a bourse statement.

The hospital will be built on a land owned by the company, located at Jawharat Al-Kharj neighborhood opposite to Prince Sattam bin Abdul-Aziz University, with an area of 44,303 square meters (sqm) and an estimated total built-up area of 73,870 sqm.

The hospital is expected to have a capacity of 141 beds.

The project will be funded by the group’s internal resources and by long-term Shariah-compliant loans from local banks.

The expected project start date is Q3 2021, subject to approval from the relevant authorities. The construction works are expected to be completed during Q3 2024.

The new hospital is expected to have an impact on the financial results of the group, from commencement of operations – likely in Q4 2024, after obtaining the Ministry of Health’s approval. Details of the financial impact and any other developments will be announced in due course, the statement added.

To date, the project has not been awarded to an implementing entity, and any other developments related to this project will be disclosed in due course and after obtaining the required regulatory approvals, the statement said.