Dr. Sulaiman Al Habib Medical Services Group expects to start construction of Tabuk Hospital in the fourth quarter of 2023 after obtaining regulatory approvals.

The estimated cost of the 140-bed project is 420 million Saudi riyals ($112 million), with completion likely by the third quarter of 2027, the company said in a statement to the Saudi stock exchange on Wednesday.

In January, the company signed a SAR32.5 million ($8.67 million) 50-year lease with Tabuk Municipality for land to construct and operate a hospital in the city in North-western Saudi Arabia.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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