Mouwasat approves new hospital project worth SAR 900M in Riyadh

Mouwasat Medical Services Co.’s board of directors approved today, Jan. 12, the establishment of a new hospital in Riyadh’s Al-Narjis district.

The new hospital will encompass 280 beds and specialized medical centers, at a total cost of SAR 900 million, according to a statement to Tadawul.

The project will be self-funded, in addition to long-term Shariah-compliant loans from local banks, the statement noted, adding that there are no related parties to the deal.

The medical services provider said it will announce the construction start date, expected completion date, commercial operation date, the executing party, and the anticipated impact on its financial statements at a later stage. This is in addition to disclosing any other material developments related to the project in due course.