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Saudi Arabia’s National Medical Care Company has secured up to SAR 228.5 million ($60.93 million) in financing from Saudi Awwal Bank to settle existing facilities from other lenders.
The Murabaha facility is expected to reduce the company’s financing costs over the five-year duration, the company said on Monday.
The healthcare firm has existing Murabaha agreements from other banks, including GIB Bank and Riyad Bank, totalling SAR 182.5 million.
The company operates medical facilities in the kingdom, including the Care Medical Hospital in Ar Rawabi, Almalaz and Jiwar.
(Writing by Cleofe Maceda; editing by Seban Scaria)
