Dr. Sulaiman Al Habib signs lease contract with SR 32, 5 mln in Tabuk

Dr. Sulaiman Al Habib Medical Services Group announced on Thursday signing a lease contract with Tabuk Municipality in relation to a land investment in Tabuk city.

The deal is about a Lease contract of a land to be invested by the Company by constructing, operating and maintaining of a hospital with a value of SAR 32,500,000 (Without VAT) represents the total rental value for a period of fifty years.

This comes with reference to the announcement of Dr. Sulaiman Al Habib Medical Services Group Company (the “Company’’) on Tadawul Website published on 05/01/2022 regarding receiving a notification of award to invest a land in Tabuk city from Tabuk Municipality, the Company announces signing the lease contract with Tabuk Municipality on Wednesday 05/01/2022.

Under this contract, Tabuk Municipality leased to the Company the plot of land located on King Faisal Road, Al Morooj Al Thani District, Tabuk city, with a total area of (58,662.78) square meters for a period of (50) fifty years in order to invest it by constructing, operating and maintaining a hospital on the allocated land.

The financial impact of this contract is expected to start upon completion and operating of the project. There are no related parties

The Company plans to establish a hospital on the leased land that provides integrated healthcare services that include many different medical specialties, after obtaining the required approvals and licenses from the relevant buddies, and the Company will announce any future developments in this regard in accordance with the applicable regulations