Mouwasat inks SAR 205 mln construction deal to build new firm in Madinah

Mouwasat Medical Services Co. (Mouwasat) has signed a construction contract worth SAR 205 million with Project Build Co. Ltd. (PBC) to build its new branch in Madinah, the firm said in a statement to Tadawul.

The 32-month contract will come into effect as of Jan. 1, 2018.

The trial operation of the project is expected to start in Q4 2020, and will run for three months, after obtaining the health ministry’s approval.

Financial impact of this deal is likely to show on the company’s results as of Q1 2018, the statement said.

The deal has no related parties and any developments will be announced as they occur, it added.

In January, Mouwasat’s board of directors approved to build a SAR 400 million hospital on land it purchased in Madinah, Argaam previously reported.