Al-Modawat inks contract for medical complex with Municipal Ministry

Logo of Al-Modawat Specialized Medical Co. 

Al-Modawat Specialized Medical Co. signed a real estate investment contract to establish and operate a medical complex with the Ministry of Municipal, Rural Affairs and Housing at an annual rent of SAR 85,000, in addition to the value-added tax (VAT).

The company explained in a statement to Tadawul that the contract includes leasing a site with an area of 1,965 square meters for investing in establishing, managing, and operating a medical complex for 23 years.

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Al-Modawat expected that the contract will have a positive impact on increasing the number of visitors and the company’s financial results upon completion and operation of the project.

The contract was signed through the electronic platform on July 1, 2024.

According to the data available on Argaam, the company received, on July 1, the project award letter with an initial estimated value of SAR 3 million.