Middle East Healthcare Company (Saudi German Health) Announces the Signing of a Contract for the Use of its Name and Trademark, the Contract for the Preparation, Qualification, and Supervision and supervision, and the contract for the management and opera

10 December 2024

Introduction
Announcement Detail	The Middle East Healthcare Company (Saudi German Health) announces the approval of its Board of Directors for the following: - The signing of a contract for the use of the name and trademark (Saudi German Hospital) with Sobhi Abdul Jalil Batterjee Medical Hospital “Related Party” owned by (Al-Sobh New Medical Company), located in Jeddah, Al-Rehab district. The duration of this contract will be ten years, starting from the date of signing during which the Middle East Healthcare Company will receive (10%) of the monthly net profit, considering that there are no risks to the company’s profits and assets. - The signing of a contract for the supervision of the preparation and qualification for the pre-opening phase of Sobhi Abdul Jalil Batterjee Medical Hospital “Related Party” owned by (Al-Sobh New Medical Company), located in Jeddah, Al-Rehab district. The duration of this contract will be six months, starting from the date of signing, with a total amount of (3,138,659 Saudi Riyals) for the entire contract period. - Approval of the management and operation contract for Sobhi Abdul Jalil Batterjee Medical Hospital, a "Related Party" owned by (Al-Sobh New Medical Company), located in Al- Rehab district in Jeddah. The duration of this contract will be five years, starting from the actual handover date of the hospital as per the official minutes, whereby the Middle East Healthcare Company will receive 3% of the hospital's net revenue after deducting rejections. It is noteworthy that the Middle East Healthcare Company has contributed an amount of 70 million Saudi Riyals, representing 23.33% of the project’s total capital of 300 million Riyals, following approval at the Ordinary General Assembly meeting held on July 16, 2022 corresponding to 17/11/1443, the results of which were announced on the Saudi Tadawul website. This initiative aims to achieve the company's strategy regarding expansion plans and to enhance its market position in providing healthcare services, thereby supporting the company's revenues and positively reflecting on its financial statements in the coming years. The hospital’s building will consist of 70 outpatient clinics covering all medical specialties, in addition to a patient admission department, radiology, laboratories, and all other supporting departments. According to the initial license from the Ministry of Health, the hospital's bed capacity is 200 beds. The Middle East Healthcare Company (Saudi German Health) will announce any developments regarding the project and the positive financial impact of these agreements in a timely manner.

Introduction

Announcement Detail

The Middle East Healthcare Company (Saudi German Health) announces the approval of its Board of Directors for the following:

- The signing of a contract for the use of the name and trademark (Saudi German Hospital) with Sobhi Abdul Jalil Batterjee Medical Hospital “Related Party” owned by (Al-Sobh New Medical Company), located in Jeddah, Al-Rehab district. The duration of this contract will be ten years, starting from the date of signing during which the Middle East Healthcare Company will receive (10%) of the monthly net profit, considering that there are no risks to the company’s profits and assets.

- The signing of a contract for the supervision of the preparation and qualification for the pre-opening phase of Sobhi Abdul Jalil Batterjee Medical Hospital “Related Party” owned by (Al-Sobh New Medical Company), located in Jeddah, Al-Rehab district. The duration of this contract will be six months, starting from the date of signing, with a total amount of (3,138,659 Saudi Riyals) for the entire contract period.

- Approval of the management and operation contract for Sobhi Abdul Jalil Batterjee Medical Hospital, a "Related Party" owned by (Al-Sobh New Medical Company), located in Al- Rehab district in Jeddah. The duration of this contract will be five years, starting from the actual handover date of the hospital as per the official minutes, whereby the Middle East Healthcare Company will receive 3% of the hospital's net revenue after deducting rejections.

It is noteworthy that the Middle East Healthcare Company has contributed an amount of 70 million Saudi Riyals, representing 23.33% of the project’s total capital of 300 million Riyals, following approval at the Ordinary General Assembly meeting held on July 16, 2022 corresponding to 17/11/1443, the results of which were announced on the Saudi Tadawul website. This initiative aims to achieve the company's strategy regarding expansion plans and to enhance its market position in providing healthcare services, thereby supporting the company's revenues and positively reflecting on its financial statements in the coming years.

The hospital’s building will consist of 70 outpatient clinics covering all medical specialties, in addition to a patient admission department, radiology, laboratories, and all other supporting departments. According to the initial license from the Ministry of Health, the hospital's bed capacity is 200 beds.

The Middle East Healthcare Company (Saudi German Health) will announce any developments regarding the project and the positive financial impact of these agreements in a timely manner.