Middle East Healthcare Co. Announces an update on The latest developments regarding company projects in Makkah Riyadh and Dammam
Middle East Healthcare Co. Announces an update on The latest developments regarding company projects in Makkah Riyadh and Dammam
| Introduction |
Introduction
With regard to the announcement that was published on Tadawul dated 23/11/1439H corresponding to 05/08/2018 concerning the latest developments regarding the design and construction of Medical Tower and Inpatient Beds Expansion in SGH Riyadh and Makkah Hospital, Staff Housing in Makkah and Dammam. Middle East Healthcare Company (Saudi German Health) announces the latest developments related to the above projects as follows: 1. The above projects contracts were signed on 04/08/2018. 2. The above projects were started on 05/08/2018. 3. The duration of the contracts is 36 months from the date of awarding the contract. 4. The company expected that the projects will be completed on 04/08/2021 but due to continuity of Covid-19 pandemic impacts which delayed the delivery of materials and supplies at site |
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| Previous Announcement | The latest developments regarding company projects in Makkah Riyadh and Dammam |
| Date of Previous Announcement on Tadawul's Website | 2018-08-05 Corresponding to 1439-11-23 |
| Percentage of fulfilled achievement | - Makkah hospital 85% - Staff housing in Makkah 90% - Staff housing in Dammam 82% - Medical Tower and Inpatient Beds Expansion in SGH Riyadh 70% |
| Event's Expected Completion Date | the projects expected to be completed are as follows: • Makkah hospital, Expected completion date: 30/04/2022 • Staff housing in Makkah & Dammam, Expected completion date:31/12/ 2021 • Medical Tower and Inpatient Beds Expansion in SGH Riyadh, Expected completion date:31/03/2022 |
| Reasons for Exceeding the Announced End Date | The company expected that the projects will be completed on 04/08/2021 but due to continuity of Covid-19 pandemic impacts which delayed the delivery of materials and supplies at site. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | There is no change in the costs of those projects |
| Impact of the Delay on the Company's Financial Results | There are no possible effects as a result of the delay on the company's financial results |
| Additional Information | Our latest developments regarding these projects will be announced in due course |
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