HEALTHCARE-

Mouwasat Medical Services’ board greenlit plans to build a new SAR 700 mn hospital in Abha with a capacity of 180 beds and specialized medical centers, it said in a disclosure to Tadawul yesterday. The project will be financed through a mix of the company’s own funds and shariah-compliant bank loans. Details on the project’s start date and completion timeline are yet to be announced.

ICYMI- Mouwasat’s board approved a SAR 1.4 bn expansion plan last month, which includes building a new SAR 700 mn, 200-bed hospital in Al Ahsa. The plan also covers a SAR 330 mn investment to add a new 100-bed building at its Riyadh hospital and a SAR 350 mn, 100-bed facility adjacent to Mouwasat Qatif Hospital.

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EXPANSION-

Global law firm Reed Smith inaugurated a new office in Riyadh, after receiving a license from the Justice Ministry, according to a press release. Located in Laysen Valley, the office is the firm’s third in the Middle East and will be supported by Gregor Pryor, Reed Smith’s EME managing partner, who is relocating from London. The founding team includes three hires from Mahassni & Co. — Partner Emad Alshaikhi, Senior Associate Foram Majmudar, and Government Relations Officer Sami Saafa.

REAL ESTATE-

Samla & Alam Al Roum for Urban Development signed an agreement with Egyptian developer Palm Hills Developments to develop a 97-feddan mixed-use project in East Cairo, the subsidiary of Saudi Arabia’s Dallah Albaraka Holding said in a statement (pdf). The development will mainly feature residential units with a limited commercial component to meet rising demand for quality housing in East Cairo.

The project is expected to generate around EGP 30 bn (SAR 2.4 bn) in total sales, a source familiar with the matter told EnterpriseAM. The agreement will see Palm Hills receive 70% of the revenues, while Dallah Albaraka will receive 30%, the source added.

DEBT WATCH-

Riyadh-based event planner Mufeed secured SAR 7.5 mn in shariah-compliant financing from Lendo, it said in a disclosure to Tadawul. The 12-month loan is intended to finance the company’s projects and is backed by a promissory note.

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