‎SMC signs SAR 148.5M contract for Riyadh hospital construction

‎<p><img src="https://argaamplus.s3.amazonaws.com/4615bdc6-c3d6-43f2-8d46-2f0a02482001.png"></p> <p class="ckeCaption" >One of SMC Hospitals</p> <hr> <p >Specialized Medical Co. (<a href="https://www.argaam.com/en/tadawul/tasi/smc-healthcare" target="_blank">SMC</a>) signed, on Sept. 27, a SAR 148.45 million construction contract, excluding value-added tax (VAT), with Mahart Al-Injaz Contracting Co. Ltd.</p> <p ></p> <p >In a statement to <strong>Tadawul</strong>, the company said the contract covers foundation and construction works, including the structural framework for <a href="https://www.argaam.com/en/disclosures/projects/details/projectid/1896" target="_blank">SMC 3 Hospital</a>.</p> <p ></p> <p >The scope of work includes all activities related to these stages, in accordance with the approved drawings, specifications, and bills of quantities.</p> <p ></p> <p >SMC 3 Hospital, located on the Northern Ring Road in Riyadh, would accommodate 296 beds and 200 outpatient clinics.</p> <p ></p> <p >The 360-day contract will commence upon site handover, the statement noted, adding that there are no related parties to the deal.</p> <p ></p> <p >SMC expects the project to affect its liquidity during the construction period.</p> <p ></p> <p >The project will be financed through internal resources and/or bank facilities, as required, with the total estimated cost amounting to SAR 148.45 million.</p> <p ></p> <p >Construction is expected to be completed in Q4 2028, with the project's main financial impact expected to commence upon the hospital's planned opening in the same quarter.</p> <p ></p> <p >The company said that the hospital is one of the key projects under its expansion strategy in Riyadh.</p> <p ></p> <p >Its strategic location on the Northern Ring Road is expected to improve accessibility from various parts of the city and provide connectivity to major road networks.</p> <p ></p> <p >The hospital is designed as an integrated specialized healthcare facility offering a wide range of specialized medical services and advanced healthcare solutions.</p> <p ></p> <p >It will also feature a helipad to support emergency services and the transportation of critical patients.</p> <p ></p> <p >SMC said the project represents a strategic addition to its network of healthcare facilities.</p> <p ></p> <p >Upon completion, the hospital is expected to increase the company's capacity and operational capabilities, broaden its healthcare service offering, and support its future growth and geographic expansion in Riyadh.</p> <p ></p> <p >The hospital is built on a total land area of approximately 17,730 sq. meters and was established to provide healthcare services across various specialties. The total project cost amounts to SAR 1.3 billion.</p> <p ></p> <p >According to data available with <span ><strong>Argaam</strong></span>, the company said in its prospectus that construction work on the hospital began in 2024.</p> <p ></p> <p >The company’s CEO announced in May 2025 that excavation work for the project had been completed.</p>

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Argaam - Company Disclosures · Stock Exchange/Regulatory Announcements

Published

28th September 2026

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argaam.com

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