Emirates Islamic and Emirates NBD Capital conclude AED 550 million Islamic facility

Emirates Islamic and Emirates NBD Capital, the investment banking arm of Emirates NBD, together with eight participating banks, today announced the successful conclusion of an AED 550 million syndicated financing facility (with an accordion of an additional AED 183 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. As pioneers in this space, our Group continues to expand in the UAE, Saudi Arabia, and other territories. Our expansion includes not just greenfield projects but acquisitions and joint ventures as well. Balance sheet growth is underpinned by operational excellence and profitable operations delivered through a strong healthcare ecosystem that the Group has built over the past 35 years.” 

Salah Mohammed Amin, CEO of Emirates Islamic, commented: “Emirates Islamic is pleased to support the strategic expansion plans of Saudi German Hospital, one of the leading healthcare providers in the Middle East. The successful completion of this deal marks a new milestone in our long-standing, positive relationship with the Emirates Healthcare Development Company. As a homegrown bank, Emirates Islamic is committed to supporting development in the UAE’s healthcare sector, with the goal of raising the regional and global profile of the country’s medical institutions and positioning the UAE as the healthcare hub of the wider Middle East region.”

Fahad Al Qassim, CEO of Emirates NBD Capital, commented: “Emirates NBD Capital as the global investment bank for Emirates NBD Group is pleased to structure and coordinate the execution of this landmark transaction for Saudi German Hospitals Group. The 3x times oversubscription of the transaction is testament to the strong response received from regional and local banks participating in the syndicate.”