Riyadh, Saudi Arabia — Subsidiary firms of Dr. Sulaiman Al Habib Medical Services Group and Zamil Industrial Investment Company have signed an SAR758.69 million ($202 million) contract for contract for mechanical, electrical and plumbing (MEP) works for Al Muhammadiyah Hospital project in Jeddah, Argaam reported.
The contract was signed between Zamil Air Conditioning and Refrigeration Services Co. Ltd. and Al Muhammadiyah Hospital for Healthcare Co., the two Saudi-listed firms said in separate statements to Tadawul.
The contract term is 14 months and 15 days, and it focuses on the implementation of comprehensive MEP works for the Muhammadiyah Hospital.
Sulaiman Al Habib plans to finance the project from its own resources and Shariah-compliant long-term bank loans.
The project is expected to have a financial impact on Sulaiman Al Habib’s financials when operations start, likely by 2024-end.
Meanwhile, Zamil expects a financial impact as of Q3 2023, with a positive impact on the company’s consolidated financial statements upon completion of each phase of the project.