Emirates Islamic, together with Mashreq Bank, Dubai Islamic Bank and Arab African International Bank, have announced the conclusion of an AED370 million ($100 million) syndicated financing facility for Emirates Healthcare Development Company, the owner of Saudi German Hospital, Dubai.
The capital raised from the Shari’a-compliant syndicated finance will be used for the operation and expansion of the hospital complex, allowing Saudi German Hospital to offer more specialised treatments and services to its customers, a statement said.
Sobhi Batterjee, chairman of the Saudi German Hospitals Group said: “There are enormous healthcare opportunities that exist in the UAE. We are witnessing the increasing role of the private sector in providing quality medical care, which contributes to the positioning of Dubai as the healthcare hub of the region. This also helps in promoting medical tourism.”
Emirates Islamic acted as the coordinating bank as well as investment and security agent with Mashreq Bank and Dubai Islamic Bank acting as initial mandated lead arrangers and bookrunners. Arab African International Bank was the mandated lead arranger for the transaction.
Jamal Bin Ghalaita, CEO of Emirates Islamic, said: “This deal continues our long-term strategic relationship with Saudi German Hospital, after acting as the mandated lead arranger in the initial syndicated facility for the original hospital complex construction in 2007.
"As a homegrown bank, we firmly believe in supporting projects that will raise the regional and global profile of the country’s medical institutions and position the UAE as the healthcare hub of the wider Middle East region.”
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