Funding secured for Dubai hospital project

10 September 2017

The Saudi German Hospital in the Al-Barsha area is being expanded

Emirates Healthcare Development Company, the owner of Saudi German Hospital in Dubai, has raised a AED370m ($100m) Sharia-compliant syndicated finance facility that will allow it to expand its hospital complex and offer more services to its customers.

The facility has been provided by Emirates Islamic, Mashreq Bank, Dubai Islamic Bank and Arab African International Bank.

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.

 

Enabling works for the expanded hospital in the Al-Barsha area have already started. The contractor is the local International Hospitals Construction Company, and the consultants working on the scheme are the US’ Perkins+Will and the local Adnan Saffarini.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications