Almoosa inks SAR 192M contract for construction, foundation works of Al-Hofuf hospital

Almoosa Health Co. signed, on July 10, a SAR 192 million contract with Masah Specialized Construction Co. to carry out preliminary construction works, foundation works, and the construction of the concrete structure for Almoosa Specialist Hospital project in Al-Hofuf.

In a statement to Tadawul, the company said that the contract’s term is 14 months, noting that the scope of work covers all tasks related to these phases, in accordance with the approved plans and specifications.

Excavation and site leveling works have been completed, and the contract execution will commence immediately, in accordance with the approved project schedule and in alignment with the overall implementation plan.

The company plans to finance the project through a strategic funding structure combining proceeds from its public offering with long-term bank financing structured in full compliance with Shariah principles.

The financial impact of this contract is expected to commence upon the completion and operation of the hospital, the statement added, indicating that no related parties are included.