Riyadh - Mubasher: Mouwasat Medical Services announced on Monday that its board has approved the decision to construct a new branch in Medina with investments totalling SAR 400 million.
According to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday, the construction work on the project will begin six month after getting the land plot that was purchased earlier by the company, and after acquiring the required documents and approvals.
The project will be financed by 30% from the ministry of finance (MoF), 50% from local banks, and 20% will be self-funded by the company, the statement indicated.
Construction is expected to be completed within 34 months, with trial operating expected to begin in the fourth quarter of 2020 for three months, while commercial operating will begin after the approval of the health ministry.
