Saudi German Hospital Successfully Concludes AED 370 million Islamic Facility
Emirates Islamic, along with Mashreq Bank, Dubai Islamic Bank and Arab African International Bank, today revealed the effective verdict of an AED 370 million syndicated financing facility for Emirates Healthcare Advancement Company, the owner of Saudi German Healthcare facility, Dubai.
Emirates Islamic functioned as the coordinating bank along with Investment and Safety and security agent with Mashreq Bank and Dubai Islamic Bank serving as Initial Needed Lead Arrangers and Bookrunners. Arab African International Bank was the Mandated Lead Arranger for the deal.
The capital raised from the Shari'a- certified syndicated money will certainly be used for the procedure and development of the health center complex, allowing Saudi German Medical facility to use more specialised treatments and services to its customers.
Engr. Sobhi Batterjee, Chairman of the Saudi German Hospitals Group said, "We want to say thanks to Emirates Islamic and the getting involved banks for the assistance included our tactical expansion projects." He better added, "There are massive healthcare opportunities that exist in the UAE. We are observing the increasing role of the private sector in providing top quality medical care, which adds to the positioning of Dubai as the medical care hub of the region. This also assists in promoting medical tourism.
Jamal Bin Ghalaita, CEO of Emirates Islamic commented: "We are extremely delighted to introduce our role in this exceptionally substantial opportunity for one of the UAE's leading doctor. This offer continues our lasting strategic connection with Saudi German Health center, after working as the Mandated Lead Arranger in the initial syndicated center for the original medical facility complicated construction in 2007. As a domestic bank, we firmly count on sustaining projects that will elevate the regional and global profile of the nation's medical establishments and position the UAE as the health care hub of the bigger Middle East region. This is also according to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, to make Dubai a center for clinical, family and buying tourist and welcome over 500,000 clinical travelers with the development of Exposition 2020 Dubai."
A Mashreq Bank spokesperson commented: "The medical care industry is an integral part of UAE's Vision 2021 for a top quality health care system, and our participation in this project is in line with Mashreq Bank's commitment to support the same. We have actually seen a solid energy in investments within the medical care portfolio, and are pleased to be associated with Saudi German's development strategy to contribute to this vision of UAE."
A Dubai Islamic Bank (DIB) spokesperson commented: "As the largest Islamic bank in the UAE, DIB has been actively associated with sustaining the advancement of the health care industry in the country. The Saudi German Healthcare facility financing is an outstanding example of assisting in the development of a top quality center that is playing a major part in developing Dubai as a clinical hub. DIB's engagement as a Mandated Lead Arranger and Bookrunner better seals our dedication to the market and the UAE government's Vision 2021."
Tamer Khalifa, Regional General Manager of Arab African International Bank (AAIB) commented: "The Saudi German Healthcare facility transaction is in line with AAIB's method to broaden its regional footprint through partnering with key market gamers across all markets. Our team believe that Saudi German Healthcare facility has actually established itself as a prominent regional healthcare provider and is well positioned for future growth. With the critical development of its procedures, the Group's healthcare facility in Dubai will be an extremely unique medical facility. We are proud to be part of this landmark transaction, which bodes well with UAE's National Agenda for Vision 2021."
