Sulaiman Al Habib Group unit signs SAR 71 mln deal with MASAH Construction

Logo of Dr Sulaiman Al Habib Medical Group

Dr Sulaiman Al Habib Medical Group’s (HMG) board of directors approved, on Feb. 21, the award and signing of a contract by its subsidiary, Gharb Al-Takhassusi Hospital, with MASAH Construction Co. for structural works in its maternity and paediatric hospital.

The company said in a bourse statement that the one-year contract is worth SAR 71.03 million and was concluded within the normal course of business without any preferential benefits.

The initial approval was obtained from the Ministry of Health to open the facility, and the company is currently working to receive the construction license from Riyadh Municipality.

Board chairman Dr Sulaiman Abdulaziz Al Habib and board member Hesham Sulaiman Al Habib are related parties.

The contract will be presented to the next general assembly for approval as per the related law.

According to data compiled by Argaam, HMG announced in August 2020 the construction of a new maternity and pediatric hospital in Riyadh as a branch of Gharb Al-Takhassusi Hospital, at an estimated cost of SAR 472 million.