Dallah approves SAR 500 mln expansion plan, buys new land

Argaam – July 24, 2014

Dallah Healthcare Holding Company’s board approved a SAR 500 million expansion plan to develop three spots surrounding its hospital at Nakheel district of Riyadh.

The company’s initial plan is to build a new facility that adds 150 beds and 60 clinics to its standing hospital, it said in a filing on Tadawul.

This project will be financed through the company's operations, besides long-term Islamic loans, and construction works will start in the second quarter of 2015.

The company secured government’s approval of buying a 6300 square-meter plot of land, adjacent to its hospital at Nakheel district for SAR 97.5 million, on which it will build an integrated medical services tower including specialized clinics, commercial complex and other facilities.

The deal will be financed by Islamic loans, and construction works will start in the third quarter of 2015.