GIB inks $107mln project finance deal for new Jeddah hospital

GIB inks $107mln project finance deal for new Jeddah hospital

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