Dr Sulaiman Al Habib Medical Services Group said its wholly-owned subsidiary has awarded a mechanical, electrical and plumbing (MEP) contract to Zamil Industrial Investment Company’s unit.

The contract worth 758.69 million Saudi riyals ($202.21 million) was signed between Zamil Air Conditioning and Refrigeration Services Company and Al Muhammadiyah Hospital for Healthcare Company for Al Muhammadiyah Hospital in Jeddah, the two companies said in separate statements to the Saudi stock exchange.

The contract duration is 14 months and 15 days.

Sulaiman Al Habib intends to finance the project from its own resources and Shariah-compliant long-term bank loans.

The hospital is slated to start operations by 2024-end, the statements said.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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