Dallah secures SAR 640 mln Islamic loan for hospital expansion

11/01/2016 Argaam

Dallah Healthcare Holding Co. signed an Islamic Murabaha loan agreement worth SAR 640 million with Samba Financial Group on Sunday.

 

The eight-year loan will be paid off in equal quarterly installments with a grace period of three years, the company added in a statement to the Saudi bourse, Tadawul.

 

The loan will help finance expansions at the Dallah Hospital complex in Riyadh's Al-Nakheel.

 

Dallah said last month that its board of directors has approved the expansion, which is expected to boost the complex’s capacity to 250 beds and 160 clinics. It will also include other housing and services facilities.

 

Construction work on the tower is set to begin in Q2-2016, and the facility will begin operations in the second half of 2018, Dallah said. 

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