Sulaiman Al Habib scraps lease contract for Madinah land plot

18/07/2024 Argaam


Sulaiman Al Habib scraps lease contract for Madinah land plot

Logo of Dr. Sulaiman Al Habib Medical Services Group

Dr. Sulaiman Al Habib Medical Services Group said a mutual termination agreement was signed today, July 18, between Bawabat Al-Gharb for Healthcare Co., a wholly-owned subsidiary, and Madinah Municipality for the Madinah land plot lease contract earlier signed in November 2021.

 

The move entailed no financial or contractual liability for either party towards the other, according to a statement to Tadawul.

 

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The company also noted that there are no material costs associated with the termination.

 

Sulaiman Al Habib received, on Nov. 21, 2021, a letter from Madinah Municipality awarding a lease contract worth SAR 30.2 million to invest in a land plot by constructing, operating and maintaining a hospital on it, according to data available to Argaam.

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