Al-Hammadi to get SAR 197.6 mln loan from finance ministry

14/06/2015 Argaam

Al-Hammadi Development & Investment Co. said it has received approval for a SAR 197.6 million long-term loan from the Saudi ministry of finance.

 

The loan, which was approved on June 11, will be used to finance part of the construction and groundwork of Al-Hammadi Hospital in Riyadh.

 

Al-Hammadi said it plans to pay off the credit through 20 equal annual installments, with a grace period of five years. The final contract will be signed in third quarter of this year, with the loan period extending from June 14 to June 12, 2040.

 

The company has put up the project’s land site as guarantee for the loan.

 

Al-Hammadi Hospital is expected to launch its trial operations during the first quarter of 2016.

 

Al Hammadi Hospital - Al Nuzha

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