Middle East Healthcare Company (Saudi German Hospital) has awarded a construction contract of $59 million (223.3 million Saudi riyals) to International Hospital Construction Company (IHCC) for the hospital expansion project in Jeddah.
Saudi German Hospital is the leading private healthcare provider in the Middle East and North Africa (MENA) region.
Upon the agreement, IHCC will construct 14 clinics within the outpatient tower and expand the inpatient beds to a total of 207 in Saudi German Hospital Riyadh, according to a bourse filing.
The project will be financed through bank loans and own cash resources. Furthermore, the Saudi listed firm expects that the construction works will be completed within 36 months.
The board’s recommendation is still subject to the approval of the ordinary general meeting (OGM), as per the company statement.
In June, the company announced the completion of the construction work of Saudi German Hospital Makkah, a multi-specialty tertiary care hospital with 300 beds and 100 outpatient clinics. The construction work includes the installation of medical and other equipment. It covers a land plot of 57,971 square meters (sqm), while the total built-up area is 57,769 sqm.
International Hospital Construction Company (IHCC)
Saudi Arabia-based International Hospital Construction Company is a turnkey solution provider that is specialized in healthcare, education, and mixed-use projects. The company offers services from conception to completion, including comprehensive feasibility studies, conceptualization, architectural and engineering design state of the art construction, financing, procurement, equipping, and furnishing, as well as operational services.
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