Dallah Healthcare to build new Riyadh hospital
Construction to begin in second quarter of 2014 and take three years
Dallah Healthcare Holding, a new medical company which floated its shares on the Saudi stockmarket in November last year, has announced a deal to buy a plot of land in west Riyadh on which it plans to build a new hospital.
The company paid $16.9m for the site, which consists of around 40,000m2 of land. It said that it would pay for the site with the proceeds from the IPO undertaken late last year, which saw it raise $143m to fund expansion.
The company said that construction of the new hospital is expected to start in the second quarter of 2014 and will take three years to complete.
A report published by NCB Capital in November last year estimated that the size of healthcare spending in Saudi Arabia is likely to grow by 16.8% a year to $46.4bn (SR: 174bn) by 2017.