Sulaiman Al Habib signs SAR 32.5 mln land lease deal with Tabuk Municipality to set up hospital

 Dr. Sulaiman Al Habib Medical Services Group hospital

Dr. Sulaiman Al Habib Medical Services Group signed, on Jan. 5, a lease contract with Tabuk Municipality to build, operate and maintain a hospital on the land located on King Faisal Road, Tabuk city.

The company said in a bourse filing that the total contract value is SAR 32.5 million, excluding value-added tax (VAT), representing the total rental value for 50 years.

Under this contract, the company will establish a hospital on the leased land that will provide integrated healthcare services, including different medical specialties, after obtaining the required approvals and licenses from the relevant authorities.

The medical services provider expects the financial impact of this contract to start upon completion and operation of the project.

The company will announce any future updates in this regard in accordance with the relevant regulations.

According to data compiled by Argaam, Sulaiman Al Habib received, on Jan. 4, a notification from Tabuk Municipality on awarding it a lease contract to build, operate and maintain a hospital on the land located on King Faisal Road, Tabuk city.