Dhs550m syndicated facility concluded

Business Bureau, Gulf Today

Emirates Islamic (EI) and Emirates NBD Capital, the investment banking arm of Emirates NBD, together with eight participating banks, have announced the successful conclusion of an Dhs550 million syndicated financing facility (with an accordion of an additional Dhs183 million) for Emirates Healthcare Development Company, the owner of Saudi German Hospital, Dubai. The participating banks include Emirates Islamic, Gulf International Bank, Mashreq Bank, Commercial Bank of Dubai, Ahli United Bank, National Bank of Fujairah, National Bank of Kuwait, Arab African International Bank and United Arab Bank. The syndication was three times oversubscribed.

Emirates Islamic and Emirates NBD Capital acted as the Mandated Lead Arrangers and Bookrunners. Emirates Islamic also acted as Investment Agent, Security Agent and Account Bank for the transaction.

Since opening its first hospital in Dubai in 2012, the Saudi German Hospital Group has continued to expand its presence in the UAE. It now has hospitals in Sharjah and Ajman and is building Centers of Excellence, for which it is utilising part of this facility.

“I am very pleased with the response and support of the banks for our syndicated facility. We continue to build our presence in the UAE and, with the support of the banks, will be able to provide world-class care to more people in the years to come. We see our banks as partners in our commitment and mission to provide healthcare relief to more people in more ways,” said Subhi Batterjee, Chairman & President of Saudi German Hospital Group.”

The debt raise was led by Humania Capital, the investment arm of the Bait Al Batterjee (BAB) Group. Commenting on the successful financial close, Makarem Batterjee, Vice Chairman of BAB & President of Humania Capital said, “Secular trends in the healthcare sector point to the need for world-class health service provision.”