Sulaiman Al Habib, Madinah Municipality ink land lease contract to build, operate hospital

A hospital of Dr. Sulaiman Al Habib Medical Services Group

Dr. Sulaiman Al Habib Medical Services Group signed, on Nov. 24, a land lease contract with Madinah Municipality for constructing, operating, and maintaining a hospital.

The company plans to establish a hospital on the leased land, providing integrated health services through many different medical specialties, after obtaining the necessary approvals and licenses from the relevant authorities, according to a bourse filing.

The financial impact of this contract is expected to reflect on the completion and commissioning of the project.

There are no related parties.

According to data compiled by Argaam, Dr. Sulaiman Al Habib received, on Nov. 21, a letter from Madinah Municipality awarding a lease contract to invest in a land located on King Abdullah bin Abdulaziz Road in Muthainib neighborhood, with a total area of 18,772 square meters.

The contract value is SAR 30.2 million, excluding value-added tax (VAT), representing the total rental value for 50 years.