Mouwasat to build SAR 243.5 mln hospital in Al-Khobar

Mouwasat Medical Services Co. (Mouwasat) has signed a construction deal worth SAR 243.5 million with Emaar Enterprise Co., Ltd. to build Mouwasat Hospital in Al-Khobar, the company said in a statement to Tadawul on Wednesday.

Site preparation has already started on May 2, according to Mouwasat. Overall, construction works should span over a period of 32 months.

The hospital, with an expected capacity of 220 beds, will be established on a 53,000 square meter land plot that the company bought in 2012 at a cost of SAR 65 million.

Last month, Mouwasat had signed a memorandum of understanding for the deal with Emaar Enterprise, according to Argaam’s previous reports.

The new hospital will boost the company's capacity by 25 percent, along with a positive financial impact that will start after 18 months of commercial operations. The company added that it also expects a short-term negative financial impact of SAR 22 million before seeing positive results.