Published: Jul 23, 2014
Source: Tadawul

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DHHC announces approval of its board of directors on buying a tract of land in nakheel district next to dallah hospital complex in riyadh with a value of SR 97.5m

DHHC Announces approval of its Board of Directors on buying a tract of land next to Dallah Hospital complex with an area of 6,300m2 in Nakheel District located on King Fahad Road, Riyadh with a plan to construct medical tower including clinics, specialized medical centers, medical commercial center and other facilities to be an extension of Dallah Hospital Complex for a value of SR 97.5m. This project will be financed through the company's operation and long term Islamic financing. This project is expected to have positive effects on the company's future financial results and profitability after its operation. It is expected construction f this project to start by the third quarter of 2015. Further development of this project will ab announced duly.

It should be noted that this land will be purchased from Mr. Saleh Abdullah Kamel, one of the DHHC's shareholders, and it has been valued by independent market valuation experts.

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