Project
Description
The Project consists in building and managing
three general hospitals located in Aseer (400
beds), Riyadh and Madinah (300 beds each). The
new hospitals are being built and equipped to
a high standard and are intended to provide a
wide range of high-quality healthcare treatment
to both in-patients and out-patients from the
Kingdom and elsewhere. The hospitals will provide
specialised treatment in the following fields:
day surgery, IVF, neurosurgery, oncology, nuclear
medicine, orthopedics, open-heart surgery.
Project
Sponsors
The
Project Sponsor is Bait Al Baterjee Medical Co.
Ltd., a family-owned business established in Jeddah
in 1988 and its principal business is owning and
operating the Saudi German Hospital in Jeddah.
Saudi
German Hospital, Jeddah, is a high-quality, 217-bed
general medical and surgical facility which started
its operations in 1988. It was conceived and commissioned
by the Abduljalil Batterjee family, which established
in the 1940's one of the first specialist distributors
of pharmaceutical and medical supplies. The Project
Sponsor completed construction of the hospital
in 1988 and has subsequently carried out a series
of expansions of its facilities. Saudi German
Hospital, Jeddah, is now widely regarded as being
one of the leading private hospitals in the region.
Project
Location
The project will be implemented in
3 locations in Saudi Arabia (Asser, Riyadh and
Madina).
Project
Cost
The
total project cost is estimated at US$289.0 million.
ICD's
Role and Developmental Impact
Given
that the project will contribute to the reinforcement
of the private sector, offering high-quality medical
services, and to the transfer of modern technology
in this field, ICD approved the purchase and leaseback
of equipment for US$ 10m and assumed the role
of co-lead arranger and co-Mudarib with the Islamic
Banks' Portfolio (IBP) for the Islamic finance
facility of US$ 59.3m. This operation is a manifestation
of ICD's strategy in mobilizing funds by arranging
or participating in Islamic syndication for developmental
projects.
