MEAHCO awards construction contract for Dammam hospital

Middle East Healthcare Co. (MEAHCO) has awarded a SAR 336.4 million, 30-month contract for the construction of a Saudi German Hospital in Dammam to International Hospital Construction Company.

Construction work is expected to start immediately and will be completed in June 2019, the company said in a statement to the Saudi bourse.

The project will be financed by a sharia compliant facility at SAR 300 million, which will be secured from a local bank.

MEAHCO said it expects the new development to reflect positively on the company’s income and revenue.

The kingdom's largest healthcare service provider, founded by the Batterjee family, owns four Saudi German Hospitals located in Jeddah, Riyadh, Madinah and Khamis Mushait. It also owns a 32.3 percent stake in Hail National Health Services Co., and is currently building a new hospital in Hail.