Mouwasat amends Dammam hospital expansion project

Mouwasat Medical Services Co.’s board of directors has approved some amendments to the expansion project of its hospital in Dammam, which comprises the construction of a multi-story annex to the main hospital.

Under the new amendments, beds will be increased to 204 from 120, the company said in a statement to Tadawul on Tuesday.

The project’s budget was also raised to SAR 231 million from the previously estimated SAR 134 million, Mouwasat said, adding that it estimates the value added from this expansion at 7 percent.

The company expects to begin construction work by the end of Q3 2017 and complete the facility within 36 months.

A three-month trial run will commence in Q4 2020, while commercial operations will start after obtaining approval from the health ministry.

Thirty percent of the project’s funding will come from the Saudi finance ministry, 50 percent from local banks, and 20 percent from the company’s internal resources.

Financial impact and any other developments will be disclosed later on, Mouwasat added.