Alandalus evacuates land for new JV with Sulaiman Al Habib

21/03/2017 Argaam

Alandalus Property Co. has evacuated the 30,251 square-meter plot of land, which was allocated for its joint venture (JV) hospital with Sulaiman Al Habib Medical Group, the developer said in a statement to Tadawul.

 

The Jeddah Hospital, to be located western of the kingdom, is an equally-owned joint venture with Sulaiman Al Habib, under a deal signed in October 2014.

 

The developer added that it is currently finalizing the procedures required for obtaining licenses for the new entity.

 

Alandalus recorded a capital gain – excluding unrealized profit - of nearly SAR 22 million, on registering the land sale to the new company, in which the developer owns a 50 percent stake.

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