Almoosa signs SAR 657.5M contract to build Al-Khobar hospital

Almoosa Health Co. signed on Nov. 26 a contract with BEC Arabia to execute the preliminary foundational and structural works for the Almoosa Specialist Hospital project in Al-Khobar, for SAR 657.5 million (excluding VAT).

In a statement to Tadawul, the company said the scope of work includes all tasks related to these phases, in accordance with approved plans and specifications.

The healthcare services provider intends to finance the project through long-term Shariah-compliant bank facilities.

Excavation and site-leveling works are complete, and execution of the contract will commence immediately in line with the approved timeline and the overall project implementation plan.

The contract duration is 24 months, and the relevant financial impact will likely appear upon the building completion and the start of hospital operations.

There are no related parties to the contract, the statement added.

The company plans to build a fully integrated hospital located in Al-Bahr district, Al-Khobar, on a land plot of 45,000 square meters, with a capacity of up to 400 beds, 300 clinics and one pharmacy, providing healthcare services across multiple specialties, data compiled by Argaam showed.