Almoosa Health greenlights structural works for Alkhobar hospital: Tadawul-listed Almoosa Health awarded a SAR 657.5 mn contract to BEC Arabia Contracting Company for the construction of the Almoosa Specialist Hospital project in Alkhobar, it said in a disclosure to Tadawul. The contract runs for 24 months, including preliminary, foundation, and concrete structural works for the hospital. Excavation and site leveling are now complete, and construction is set to begin in accordance with the approved project schedule.

About the project: The Almoosa Specialist Hospital, under development on the New Khobar Corniche, will span more than 300k sqm and house up to 400 beds. Designed by Perkins & Will, it is set to be one of the Eastern Province’s largest private healthcare projects, targeting LEED Gold certification and following global sustainability standards.

How it’s financed: Almoosa will fund the project through long-term shariah-compliant bank financing. The company already secured a SAR 1.34 bn, 10-year shariah-compliant loan from Saudi Awwal Bank earlier this month. This followed a SAR 650 mn, seven-year shariah-compliant facility from Banque Saudi Fransi secured in August to support Almoosa Health’s broader expansion pipeline.

Almoosa has been ramping up Eastern Province expansion: In July, Almoosa awarded a SAR 192 mn contract to Masah Specialized Contracting to build its new Almoosa Specialist Hospital in AlHofuf. The project is being financed through IPO proceeds and long-term, shariah-compliant loans.

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