Through a strategic partnership, Al-Andalus Real Estate Company yesterday completed the transfer of two plots of land designated for the hospital project in Jeddah, with a total area of 30.25 thousand m², to the company “West Jeddah Hospital.”

Al-Andalus Real Estate Company clarified that West Jeddah Hospital was established as a 50-50 joint venture with Dr. Sulaiman Al-Habib Medical Holding Group, in accordance with an agreement signed in October 2014.

The agreement stipulates that the company will fulfill its share by providing the project land, and that the developer partner will fulfill its corresponding share in this project—equivalent to the value of the land—by developing and constructing the project, Afterward, both parties will bear the remaining project construction costs equally.

It added that arrangements are currently underway to apply to the relevant authorities to obtain the necessary licenses in the name of the new company.

The company noted that as a result of this event during the current quarter, Al-Andalus Real Estate Company realized a capital gain resulting from the recording of the company’s sale of the aforementioned land to the new company, of which the company owns 50% (after excluding unrecognized profit) amounting to approximately 22 million riyals.