Fakeeh Care inks SAR 101.8M deal to set up medical center in Jeddah

Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care) signed a SAR 101.8 million contract with Advanced Horizons Contracting Co. (AHC), a wholly owned subsidiary, for the construction and finishing works of the new medical center in Jeddah’s Al Zahra District.

Under the contract terms, the cost of construction and finishing of the project will be funded by Yaser Yousef Naghi for Investment Co., the company said in a statement to Tadawul.

The contract marks the formal ground-breaking of the project and setting the path toward the center’s scheduled delivery. Under the ownership of Yaser Yousef Naghi for Investment Co. (lessor) and the oversight of Fakeeh Care (tenant), AHC will complete all construction and finishing works for Zahra Medical Center. The medical equipment and furniture will be provided separately by Fakeeh Care in line with the framework agreement.

According to data available on Argaam, Fakeeh Care signed, in October 2024, a framework agreement with Yaser Yousuf Naghi for Investment Co., represented by Sheikh Yaser Yousuf Mohammed Naghi as the Manager, to build and lease a building specialized to be a medical center in Al Zahra District, Jeddah.