Dubai: A consortium of banks announced on Sunday the conclusion of a Dh370 million syndicated financial facility for Emirates Healthcare Development Company, the owner of Saudi German Hospital in Dubai.

The capital raised from the Sharia-compliant syndicated finance will be used for the operation and expansion of the hospital complex, allowing Saudi German Hospital to offer more specialised treatments.

The group of banks included Emirates Islamic, Mashreq, Dubai Islamic Bank, and Arab African International Bank.

Emirates Islamic acted as the coordinating bank as well as investment and security agent with Mashreq, while Dubai Islamic Bank acted as initial mandated lead arrangers and bookrunners. Arab African International Bank was the mandated lead arranger for the transaction.

“There are enormous health care opportunities that exist in the UAE. We are witnessing the increasing role of the private sector in providing quality medical care, which contributes to the positioning of Dubai as the health care hub of the region. This also helps in promoting medical tourism,” said Sobhi Batterjee, chairman of the Saudi German Hospitals Group, in a statement.

Emirates Islamic said the deal was a part of its relationship with Saudi German Hospital, after acting as the mandated lead arranger in the initial syndicated facility for the original hospital complex construction in 2007.