Mouwasat Medical Services Co.’s board of directors has approved building a new branch in Yanbu Industrial City at a cost of SAR 325 mln.

 

The new hospital will be established on a land plot allocated for a hospital in Al Sawari district, the medical services provider said in a statement to Tadawul.

 

Saudi ministry of finance will finance 30 percent of the project, while 50 percent will be financed through credit loans and 20 percent from the company’s resources.

 

Engineering plans will be submitted in the next 18 months, pending the regulatory approvals.

 

The relevant financial impact will be revealed later, the statement added.

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