Dallah says Riyadh hospital 32% complete

Dallah Healthcare Holding Co. has revealed that construction on its new hospital in Riyadh’s Namar district is now 32 percent complete, with initial operations at the facility expected to launch in Q3-2017.

Dallah made the announcement in a statement to Tadawul, which detailed use of proceeds generated from its initial public offering (IPO) in 2012.

A total of SAR 35.5 million was used to set up the hospital, while SAR 133.8 million was spent on land for the project. In addition, SAR 211 million went towards related engineering works, consultations, land survey, excavation digging and designs.

The total cost of the hospital accounted for 70 percent of the IPO proceeds, Dallah added.