SMC signs SAR 99M lease for Riyadh outpatient clinics center

Specialized Medical Co. (SMC) signed a SAR 98.99 million lease agreement, excluding VAT, with Asas Althbat Co. to rent its first outpatient clinic center in Riyadh, it said in a statement on Tadawul.

The 15-year lease covers a building located on Prince Mohammed bin Saad bin Abdulaziz Road in the Al Malqa district, northwest Riyadh.

The new center will comprise 35 outpatient clinics spanning various specialties, including dentistry, endocrinology, pediatrics, orthopedics, ENT, general surgery, ophthalmology, obstetrics and gynecology, dermatology, and physiotherapy.

It will also house an urgent care unit offering full emergency services, an external pharmacy, and parking facilities for about 100 vehicles.

SMC expects operations to begin in the first quarter of 2026. The lease’s financial impact will be reflected in the company’s consolidated financial statements under lease liabilities starting Q4 2025, while the clinics’ operations impact will appear in the first half of 2026.