Riyadh - Mubasher: Alandalus Property Company achieved capital gains worth SAR 22 million ($5.87 million) during the first quarter of 2017 as a result of the sale of land to West Jeddah Hospital Company, an equally-owned joint venture with Sulaiman Al Habib Medical Holding Group.
On Monday, the land allocated to the hospital was evacuated on a total area of 30.25 million square metres, according to the company’s statement on the Saudi Stock Exchange (Tadawul) Tuesday.
Both parties will be responsible for paying the remaining expenses of the establishment of the project equally.
The company announced last November that it had finished dividing the lands of its joint project with Sulaiman Al Habib Medical Holding Group, and issued sukuk for the project.
