Built to inform

Sign up for the daily newsletters

No, Thank you

Dallah Health, AWJ Investment ink deal to build Jeddah hospital

Dallah Health has signed a joint venture agreement with AWJ Investment to incorporate a closed joint stock company

Dallah Health and AWJ Investment have signed an agreement to build and operate a hospital in Jeddah [representational image].
Dallah Health and AWJ Investment have signed an agreement to build and operate a hospital in Jeddah [representational image].

Dallah Health has signed a joint venture agreement with AWJ Investment to incorporate a closed joint stock company, it has been revealed.

In a statement issued to Saudi Arabia’s stock exchange, Tadawul, Dallah Health said that the joint stock company will build and operate a full-service hospital in the Al Manar area of Jeddah, with an initial capital of $133,317 (SAR500,000).

Shares of the new company will be divided between the two entities, with 56% going to Dallah Health and the remaining 44% to AWJ Investment.

Under the terms of the deal, Dallah Health will invest $93.3m (SAR350m) for the construction of the hospital, while AWJ Investment will provide the land on which the hospital will be built. The land spans 150,000m2 and is valued at $72m (SAR270m).

Watch: PIF's construction investments set to secure Saudi's growth

The contract also indicates that the parties may terminate the joint venture agreement if they are unable to acquire the necessary permits within a year of signing.

Most popular

Awards

New category open for consultancies at CW Awards 2019 in Dubai
Sub-Consultancy of the Year to be crowned for the first time at the gala ceremony

Conferences

Leaders UAE 2019: Pinsent Masons confirmed as Gold Sponsor
Law firm is among the major construction industry players confirmed as sponsors for Leaders UAE's
Leaders in Construction UAE Summit returns in Sept 2019
Dubai conference to see top officials discuss the people, trends, and challenges that will power

Latest Issue

Construction Week - Issue 745
Jun 30, 2019