AED 360m facility to finance new hospital in Dubai

Dubai-UAE: February 15, 2012 - Al Zahra Private Hospital Dubai, subsidiary of Gulf Medical Projects Company has signed a AED 360 million finance facility with Noor Islamic Bank and Mashreq Al Islami, the Islamic banking division of Mashreq Bank. Noor Islamic Bank and Mashreq Al Islami are participating on an equal sharing basis.

Al Zahra Private Hospital Dubai, part of the Al Zahra Group that has been providing quality healthcare services to the residents of UAE for over 30 years, will provide a comprehensive range of healthcare services, utilizing the latest state-of-the-art diagnostic and operative technology

The seven year facility agreement was signed by a representative of Al Zahra (PVT) Hospital Dubai, Kazim Ali, Acting Head of Corporate Banking, Noor Islamic Bank and Amr El Nokaly, Senior Vice President and Head-Commercial Banking, Mashreq Al Islami.

Kazim Ali, Acting Head of Corporate Banking, Noor Islamic Bank, said the joint facility with Mashreq Al Islami demonstrates Noor's flexibility in creating financing solutions that meet the needs of its growing customer base.

"As one of the country's leading Islamic banks we are proud to have partnered with both Mashreq Al Islami and Gulf Medical Projects Company to bring this deal to fruition and to have the opportunity to contribute to the development of the country's healthcare sector for the benefit of everyone living in the UAE," Ali said.

Commenting on the agreement, Amr El Nokaly, Head - Commercial Banking at Mashreq, said: "Mashreq Al Islami is committed to supporting the local economy and providing suitable financial solutions. The financial support we are giving to Gulf Medical Projects Company, in partnership with Noor Islamic Bank, will enable Gulf Medical Projects Company to realise its ambition to establish the Al Zahra Private Hospital Dubai as a first class addition to the UAE's healthcare services."

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About Gulf Medical Projects Co PSC
Gulf Medical Projects Co PSC is a United Arab Emirates-based public shareholding company that operates in the healthcare sector. The Company's main activities include general hospital, import, hospitals management, construction of medicine product factories, trading in medical equipment and its instruments, medicine and medical tools. The Company has a wholly owned subsidiary, Al Zahra Private Hospital Company Limited, whose activities include hospital management, import and trading in medical and surgical equipment, as well as trading in medicine. It also has investments in Al Zahra (Pvt.) Hospital Dubai (LLC), which is a general hospital.

About Noor Islamic Bank
Established in 2008 in Dubai, Noor Islamic Bank is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalized services. Noor Islamic Bank's products and services are governed by a Shari'a Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Islamic Bank has locations across the UAE in the Emirates of Abu Dhabi, Dubai, and Sharjah. For further details, please visit: www.noorbank.com or call 800NOOR(6667).

About Mashreq Al Islami
Mahreq Al-Islami is the Islamic Banking arm of Mashreq group, offering high standard of Sharia'h Compliant products and services. Mashreq Al Islami is governed by a Shari'a Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. We aim at offering progressive Islamic Banking for the modern world. Keeping in mind ease of use and access, Mashreq Al Islami products are available at Mashreq Branches located within the 7 Emirates of UAE offering wider reach across UAE. Mashreq Al Islami also aims to offer our customers the most rewarding Shari'a Compliant banking relationship financially and personally. For further details, please visit: www.mashreqalislami.com or call on +971 4 424 4411

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© Press Release 2012