Saudi German Hospital secures $81.33mln loan from Al Rajhi Bank

A total of $32mln of the financing is revolving loans that will be renewed periodically

  
 Al Rajhi Bank Head office - the world's largest Islamic bank by capital - The first branch of the bank was opened for men in Al-Deera district in Riyadh.

Al Rajhi Bank Head office - the world's largest Islamic bank by capital - The first branch of the bank was opened for men in Al-Deera district in Riyadh.

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Riyadh –  The Middle East Healthcare Company (Saudi German Hospital) on Wednesday received Sharia-compliant credit facilities worth SAR 305 million from Al Rajhi Bank.

A total of SAR 120 million of the financing is revolving loans that will be renewed periodically, while the remaining sum of SAR 185 million will be paid within six years, including a two-year grace period, according to a bourse disclosure.

Moreover, the first amount is short-term financing that aims to cover working capital needs whilst the second sum is a medium-term loan that will be used in financing the healthcare provider's digital transformation.

The loan is guaranteed by a promissory note, the statement concluded.

Source: Mubasher

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