Gulf International Bank – Saudi Arabia (“GIB Saudi Arabia”) has closed a project finance facility of SAR 400 million with the Saudi German Hospital Group (“SGH Group”) to build a state-of-the-art hospital in Jeddah. This 65,000 square meter, 350 bed hospital marks the Group’s expansion of footprint in the Saudi Arabian healthcare space. 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. The project is led by Humania Capital (the investment arm of the Bait Al Batterjee Group) in partnership with Middle East Healthcare Company (“MEAHCO”).
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.” said Subhi Abduljaleel Batterjee, Chairman of the SGH Group.
Abdulaziz Al-Helaissi, Group Chief Executive Officer at GIB said, “We are pleased to provide financing for this landmark healthcare project and to 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.”
Naif Abdulkareem, Chief Executive Officer and Managing Director of Bank Al Jazira added: “In line with the Kingdom’s Vision 2030, Bank Al Jazira is 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 & 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. As a continuing partner, we also wish the best to the esteemed Batterjee Group for all such future endeavors.”
“Our vision is to serve the entire Kingdom which includes the major as well as smaller cities”, added Makarem Batterjee, President Humania Capital and Vice Chairman MEAHCO. “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.”