Saudi Arabia-listed National Medical Care Company (CARE), which operates hospitals in the kingdom, has secured a SAR 1.2 billion ($320 million) loan from Arab National Bank (ANB).

The Shariah-compliant deal includes a SAR 1 billion long-term Murabaha financing for up to ten years and a renewable SAR 200 million overdraft loan.

The fresh capital will be used to fund the construction of the company's new hospital in Al Najris, and cover regular operational needs.

The company provided land/ building title deeds and promissory notes as collateral for the financing package.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com