The Middle East Healthcare Company has said that the Saudi German Hospital project in Damman is on course to complete in June.
In a statement to the Tadawul it said that work had begun in early December and that the project was now 66% complete.
The project is being funded by a seven-year SAR200 million (US$53.3 million) Islamic Financing (Murabaha) agreement with Samba Financial Group that was agreed at the end of July last year. It is guaranteed by a promissory note from the company.
The Middle East Healthcare Company is the largest healthcare company in Saudi Arabia. Founded by the Batterjee family, it currently owns and operates five hospitals in Jeddah, Riyadh, Madinah, Aseer and Hail.