Mouwasat, PBC sign MoU for Dammam Hospital expansion

Mouwasat Medical Services Co. (Mouwasat) has signed a memorandum of understanding (MoU) with Projects Build Co. Ltd. (PBC) to implement construction work for the expansion of Dammam Hospital, at a total value of SAR 150 million.

The MoU is effective for two months from the signing date, July 23, during which the execution contract will be signed for the construction work, Mouwasat said in a statement to Tadawul on Monday.

Construction work will be carried out for a period of 26 months from signing the contract.

Mouwasat expected this expansion to raise its financial results by 7 percent.

The Dammam Hospital expansion includes a multi-story building to be linked with the hospital building by a bridge, according to data compiled by Argaam.