MEAHCO News

Middle East Healthcare Company announces awarding of Contract for the construction of Saudi German Hospital in Dammam to International Hospital Construction Company (related party)


Middle East Healthcare Co. announces the awarding of Contract for the construction (including medical equipment’s and furniture) of Saudi German Hospital in Dammam to International Hospital Construction Company for SAR 336.4 million as following: 1.The Contract awarded on 06-12-2016 2.Project will start construction from 07-12-2016 3.Cost of project is SAR 336,451,500 4.The project is expected to be financed by Islamic financing through a local bank for an amount of SAR 300 million and rest of the amount through internal generation of the company. 5. Company expects to complete the project by 06-06-2019 6.The company expects the Saudi German Hospital in Dammam to have Positive impact. 7. Related parties: The contract is awarded to International Hospital Construction Company a related party in which three directors of the company namely Sobhi A Batterjee, Khalid A Batterjee and Sultan Sobhi Batterjee are shareholders. 8. Additional Information: The duration of the contract is 30 months from the date of awarding the contract - The project is considered to have material positive impact on the revenues and income of Middle East Healthcare Company (Saudi German Hospital), details of which shall be announced in due course.

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