Fakeeh Care awards SAR 150.5M worth 2 contracts to AHC

Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care) announced plans to establish a new medical center facility, covering an area of 2,450 square metre (sqm) in Awali, Makkah.

In a statement to Tadawul, the company said it awarded a contract to Advanced Horizons Contracting Co. (AHC) for the construction, electromechanical, and finishing works of the medical center with a built-up area of 14,400 sqm. The value of the contract is SAR 104.1 million.

The contract excludes the already completed excavation, shoring and dewatering.

The center will offer 20 clinics covering all specialties, an expanded ER department, a day surgery unit and a pharmacy. It will be equipped with the latest technology for laboratory and radiology services.

The contracts were awarded on Aug. 7 but will be signed on Aug. 21. The expected construction period is 18 months, the statement added.

Additionally, the Saudi-listed company expected the project to impact the group's liquidity during the construction period and is forecast to affect the financial results when it starts operating in Q2 2026.

AHC is a 100 % subsidiary of Fakeeh Care.

In a separate statement, Fakeeh Care announced its intention to establish a new teaching facility to meet the Kingdom’s evolving educational needs. The facility, will be constructed on a 2,529 sqm land plot, owned by the group, in Al-Hamra District, Jeddah.

Accordingly, Dr. Soliman Abdel Kader Fakeeh Medical Education Co. (FMCS) signed a contract with AHC for the construction, electromechanical, and finishing works for the medical and clinical skills center.

The building will offer 7,200 sqm of teaching and training areas with 15 classrooms, a laboratory and an OSCE room, as well as an extensive library and amenities to accommodate daily more than 500 students.

The contract, signed on Aug. 7, is valued at SAR 46.4 million. The construction period is expected to be 12 months.

The project is expected to impact the group's liquidity during the construction period and its financial results when it starts operating in the last quarter of 2025, the statement said.

FMCS is an 80% subsidiary of Fakeeh Care, while the remaining 20% is owned by Dr. Mazen Fakeeh, Ammar Fakeeh and Dr. Manal Fakeeh.

 AHC is a wholly-owned subsidiary of Fakeeh Care.