Mouwasat says hospital cost at Yanbu Industrial City revised up by SAR 140 mln

A hospital of Mouwasat Medical Services

Mouwasat Medical Services Co.’s board approved today, March 28, amendments to the Mouwasat Hospital project in Yanbu Industrial City, raising the estimated cost of the project to SAR 465 million from SAR 325 million.

The cost was revised as the project’s built-up area was raised by 25% according to the final engineering plans, the medical services provider said in a statement to Tadawul.

The cost of building materials, equipment and supplies are higher than previous estimate when the project was approved on Dec. 17, 2018.

The company’s board of directors approved building a new branch in Yanbu Industrial City at the cost of SAR 325 mln, Argaam reported.

The Ministry of Finance will finance 30% of the project, while 50% will be financed by loans and 20% by the company’s resources.