Sulaiman Al Habib’s subsidiaries sign 2 contracts worth SAR 599.6 mln

A hospital of Dr. Sulaiman Al Habib Medical Services

Dr. Sulaiman Al Habib Medical Services Group’s board of directors approved, on Oct. 24, to sign and award the contract for enabling and structural works for Al Muhammadiyah Hospital, according to a bourse statement.

The 18-month contract was signed by the group’s subsidiary Al Muhammadiyah Hospital for Healthcare Co. with United Standards Co., for a value of SAR 311.15 million.

The project is likely to have a positive impact on the firm’s financial results, once it starts operations – expected in 2024.

The group intends to finance the project through internal resources and by long-term shariah-compliant facilities from local banks.

In a separate statement, the group also announced the board’s approval for the signing and award of a contract for Gharb Jeddah Hospital, by its subsidiary Gharb Jeddah Hospital Co. with Abdullathif Al Arfaj & Brothers Holding Co.

The contract entails mechanical, electrical and plumbing (MEP) Works, along with gypsum works.

The 14-month contract is valued at SAR 288.4 million, the statement said.

The project is likely to have a positive impact on the firm’s financial results, once it starts operations – expected in 2023.

There are no related parties, the statement said, adding that the group intends to finance its share in the project through internal resources and by long-term Shariah-compliant facilities from local banks.