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.