Sulaiman Al Habib signs pact with RCJY to develop, operate hospital

Logo of Dr. Sulaiman Al Habib Medical Services Group

Dr. Sulaiman Al Habib Medical Services Group signed today, May 16, a conditional investment agreement with the Royal Commission for Jubail and Yanbu (RCJY) to allocate land with an area of 115,500 square meters in Al-Dafi district, Jubail Industrial City, to construct and operate a hospital, according to a Tadawul statement.

During the 12-month duration of the agreement, the group will submit to RCJY the engineering drawings, in addition to the specifications of the project, including the proposed development area and the infrastructure works of the project.

Following its approval on the final engineering drawings, RCJY will conclude an investment agreement to lease the land to the group for a period of 50 Hijri years with a total yearly rental of SAR 1.15 million.

The land will be rented for free for two years starting from the date of signing the investment agreement to lease the land.

The company will duly announce the related financial impact and any future material developments in accordance with the applicable regulations.

There are no related parties to the agreement, the statement noted.