Gulf International Bank - Saudi Arabia (GIB Saudi Arabia) has announced that it has closed a project finance facility worth SR400 million ($106.5 million) with the Saudi German Hospital Group for the construction of a 350-bed hospital in Jeddah.

 

Spread over a 65,000-sq-m area, the healthcare facility will mark the Saudi German Hospital Group’s expansion of footprint across the kingdom.

 

The project is led by Humania Capital (the investment arm of the Bait Al Batterjee Group) in partnership with Middle East Healthcare Company.

 

The facility was fully underwritten by GIB Saudi Arabia and was closed in a two-bank financing deal between GIB and Bank Al Jazira. The project is already partially completed and expected to start operations in 2024. 

 

"As a group, we remain committed to providing greater access to state-of-the-art healthcare for the people of Saudi Arabia. This hospital project is another step in that direction," remarked Subhi Abduljaleel Batterjee, Chairman of the SGH Group.

 

"This state-of-the-art hospital will address the untapped need for healthcare by offering a wide range of high-quality healthcare services needed by the market," he observed. 

 

GIB Group CEO Abdulaziz Al Helaissi said: "We are pleased to provide financing for this landmark healthcare project and support the Saudi German Hospital Group in its expansion plan."

 

"Enhancing development in this strategic industry and backing private sector participation in the economy is a strategic pillar of the Kingdom’s Vision 2030 and GIB continues to prioritise and play an important role in driving economic diversification and private sector growth," stated Al Helaissi.

 

Bank Al Jazira CEO and Managing Director Naif Abdulkareem said: "In line with the Kingdom’s Vision 2030, we are strongly committed to playing a pivotal role in the Health Sector Transformation and will continue to support to achieve an improved health and healthcare services in cooperation with all public and private health sector bodies."

 

"In continuation of this strategic national objective, Bank Al Jazira has embarked upon identifying and supporting ample opportunities in such critical sectors. Financing of this leading, state-of-the-art hospital project in Jeddah with a top tier name, does reflect this strong commitment," stated Abdulkareem. 

 

"As a continuing partner, we also wish the best to the esteemed Batterjee Group for all such future endeavours," he added.

 

Humania Capital President and Middle East Healthcare Company Vice Chairman Makarem Batterjee said its vision was to serve the entire kingdom which includes the major as well as smaller cities. 

 

"We are delighted to have GIB Saudi Arabia and Bank Al Jazira as our project finance partners and look forward to their continuing role in our expansion," he added.-TradeArabia News Service