Dr. Soliman Abdel Kader Fakeeh Hospital Company, better known as  Fakeeh Care, has secured two Shariah-compliant credit facilities totalling 720 million riyals ($192 million) from two Saudi-listed banks.

 The first facility of SAR 570 million was secured from Saudi National Bank (SNB), divided into SAR 270 million long-term facilities and SAR 300 million short-term facilities, the company said in a statement to the Saudi stock exchange on Thursday.  

The facility, which will be available to all entities of the group, is guaranteed by a promissory note.

The SNB loan replaces a previous credit line of SAR 936 million that was allocated to Dr. Soliman Fakeeh Hospital in Jeddah at improved terms and conditions.

In another statement, the company said that it obtained a SAR 150 million short-term facility from Saudi Awwal Bank (SAB) against a promissory note as a guarantee.

The new funds will support Fakeeh Care’s working capital requirements, it added.

 (Editing by Seban Scaria seban.scaria@lseg.com)