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Dallah Healthcare Co. announces signing a Memorandum of Understanding with Dallah Real Estate Company, Tatweer Company, and Aljazira Capital.
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement of Dallah Healthcare Company (“Company”), dated 17/03/1444 AH (corresponding to 13/10/2022 AD), regarding the non-binding Memorandum of Understanding ("MoU") signed with Dallah Real Estate for investing in neighboring lands owned by the two parties and located in Riyadh on King Fahd Road in the Nakheel district, aiming to establish a legal entity to manage these lands. Referring to the Company's announcement on 22/09/1444 AH (13/04/2023 AD) regarding the latest developments in extending the MoU with Dallah Real Estate. Also, referring the Company's announcement on 30/03/1445 AH (15/10/2024 AD) regarding the latest developments on the MoU with Dallah Real Estate, specifically regarding the reception of studies from appointed consultants. Both parties are currently considering these studies to support Dallah Hospitals' expansion. The Company announces the signing of a non-binding MoU with: 1- Aljazira Capital Company ("Aljazira Capital") 2- Dallah Real Estate Company ("Dallah Real Estate") 3- Tatweer Company (''Tatweer'') To establish a private real estate fund with an estimated value exceeding SAR 1.2 billion, with a view to acquiring and developing lands. Dallah Healthcare will contribute its owned lands as an investor in kind, alongside Dallah Real Estate's contribution of its owned lands as an investor in kind. Tatweer will join as a cash investor. Additionally, it will oversee the execution of the construction development program by developing a mix-use project including commercial, office, hotel, and healthcare spaces, aligned with the approved initial study. Aljazira Capital will handle the regulatory procedures for establishing the fund and subsequently manage its operations as a Fund Manager |
| Memorandum Signing Date | 2024-07-01 Corresponding to 1445-12-25 |
| Counterparty | 1- Aljazira Capital Company 2- Dallah Real Estate Company 3- Tatweer Company |
| Memorandum Subject | Establishment of a fund to enhance capital growth for fund investors by owning lands and implementing a construction development program, including commercial, office, hotel, and healthcare spaces, aligned with the approved initial study. |
| Memorandum Duration | Effective for 6 months from the signing date |
| Related Parties | -Mr. Mohiuddin Saleh Kamel, in his capacity as (1) Board member and partner in Dallah Real Estate, a Board member at Dallah Albaraka Holding Company (major shareholders), and (3) Vice Chairman of Dallah Healthcare. -Mr. Abdullah bin Saleh Kamel, in his capacity as (1) Board member and partner in Dallah Real Estate, and (2) Chairman of Dallah Albaraka Holding Company (major shareholders) -Ms. Hadeel bint Saleh Kamel, in her capacity as (1) Board member and partner in Dallah Real Estate, and (2) a board member at Dallah Albaraka Holding Company (major shareholders) -Mr. Saleh bin Abdullah Kamel, in his capacity as (1) Board member of Dallah Real Estate, and (2) a Board member at Dallah Albaraka Holding Company (major shareholders) -Mr. Abdulaziz bin Mohammed Abdo Yamani, in his capacity as (1) a senior executive and Board member of Dallah Real Estate, and (2) a senior executive and Board member at Dallah Albaraka Holding Company (major shareholders) |
| Financial Impact | The expected financial impact cannot be determined during this period. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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