Saudi Arabia-based Mouwasat Medical Services Company has signed a contract with Tareg Al Jaafari Contracting Company to build a new hospital in Yanbu Industrial City, Al Sawari neighbourhood, reported Zawya.

The contract is valued at $78.55m (SAR295m).

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Under the terms of the joint agreement, architectural, construction, electrical, health and mechanical works will be taken up.

According to Mouwasat, duration of the contract is fixed for 910 days.

However, the duration could be extended following a written agreement between the two parties.

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In first quarter of 2022, Mouwasat Medical Services Company generated $40m (SAR150.21m) in net profit, compared with $39.19m (SAR147.19m) in the previous year.

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Meanwhile, in another development, Middle East Healthcare Company (Saudi German Health) has announced the completion of construction work of Saudi German Hospital Makkah, reported Zawya, citing a company statement in Tadawul (Saudi Exchange).

The works also include installation of medical and other equipment.

Capital expenditure of the new hospital was $104m (SAR389m), according to the company’s 2021 annual report.

The report added that the hospital is likely to start offering services in the third quarter of 2022.

With a capacity of 300 beds and 100 outpatient clinics, the multi-specialty tertiary care hospital is spread across a plot of 57,971m2. The total built-up area is 57,769m2.

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Image: The new hospital will be built in Yanbu Industrial City of Saudi Arabia. Credit: fernando zhiminaicela from Pixabay.