Al-Andalus announces the latest developments of its joint venture with Dr. Sulaiman Al-Habib Medical Group in Jeddah (Dr. Sulaiman Al Habib Hospital).
Referring to the company's announcement on 21/3/2017 , relating its joint venture with Dr. Sulaiman Al-Habib Medical Group (Related Party ), to establishing , owning , developing , and operating a hospital on the land adjacent to Al-Andalus mall in Jeddah with an area of 30,251 m2 (contributed by the company as an in-kind share in the project ) , the company would like to announce that the project designing works have been finalized , and the building permit has been issued by Jeddah Municipality in the name of West Jeddah Hospital Co. (The joint venture Co. equally owned between the parties ) , and the preliminary approval has also been issued by the general administration of Health Affairs in Jeddah , and the developer partner (HMG) has assigned the excavation contractor to commence site preparation and excavation works.
The developer partner is currently inviting contractors for bids , in order to assigning the construction works to the main contractor .
And it is expected - according to the reports received from the developer partner -that the construction works will be completed during the first quarter of 2022, and the project operating -accordingly - will be started during the second quarter of 2022 , and the expected initial total cost of the project will be about 1.15 Billion .The project will be financed mainly through bank loans, and partially through the partners own resources, and the mentioned project is expected to has a positive effect on the company's financial results after it is fully established , and operated .
The company will disclose any significant developments in this regard when it happens.
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