Al Hammadi signs MoU for new medical equipment firm

Al Hammadi Company for Development and Investment (Al Hammadi) on Monday said it has signed a non-binding memorandum of understanding (MoU) with Dr Sulaiman Al Habib Medical Group to establish a company to operate in the wholesale and retail business of medical equipment, surgery consumables and commercial agencies.

The new company will be set up after the final agreement on the terms of the partnership and necessary approvals and licenses from the parties concerned, Al Hammadi said in a statement to Tadawul.

The capital and the size of the investment will be determined based on the results of the studies and reports specific to the company operations.

The MoU, which is valid for three months starting January 29, will be subject to extension upon the approval of both companies, the statement said.