Sulaiman Al Habib Signs Land Lease Contract of SR30.19 Million

Sulaiman Al Habib Company announced on Thursday the signing of a lease contract with Al-Madinah Al-Munawwarah Municipality to invest in the establishment, operation and maintenance of a hospital by the Company in Al-Madinah Al-Munawwarah.

The Company indicated that the contract value is SAR30, 194,731.34 (without VAT) that represents the total rental value for fifty years.

Under this contract, Al-Madinah Al-Munawwarah Municipality leased to the Company the plot of land located on King Abdullah bin Abdulaziz Road after the second notary, in Muthainib neighborhood in Mitan region in Al-Madinah Al-Munawwara, with a total area of (18,772.24) 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.

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 bodies, and the company will announce any future developments in this regard in accordance with the applicable regulations.