EIB offers $40m grant to EHDC
Dubai, November 10, 2007
Emirates Islamic Bank (EIB) concluded a $40 million Ijara Facility grant to the Emirates Healthcare Development Company (EHDC).
This move will pave the way for sophisticated, technologically advanced and even more accessible medical facilities in the UAE.
A high-profile conglomerate of the leading banks in the region led by EIB, one of the leading Islamic Banking institutions in the UAE which has been a pioneer in promoting regional development of Islamic banking services through the revered principles of Shari'ah,, concluded this syndication.
The participating banks included Emirates Bank International (EBI), National Bank of Umm Al Quwain (NBQ), Bank Muscat International-Bahrain (BMI), Khaleej Commercial Bank (KHCB) and Sharjah Islamic Bank (SIB).
'EDHC is one of the leading private healthcare institutions in the region, and partnering in this project will significantly help promote medical services in the region. Besides giving us a platform to lend our financial expertise to a larger market, gained over years of experience with large projects, it will also contribute to socio-economic development, which is of prime importance to us,' said EIB's general manager, corporate and investment banking, Abdulla Showaiter.
The Ijara syndication was finalised at a special signing ceremony at the EIB offices in Dubai and was attended by the top officials of all the partner banks as well as representatives of EHDC, a subsidiary of Saudi German Hospitals Group - Saudi Arabia.
'EIB credentials are most impressive and tying up with them is a logical extension to meeting our ambitious goals. This milestone achievement will add immense value to the healthcare profile in the UAE and will provide the support EDHC needs to achieve its goals,' said chairman of Saudi German Hospitals Group Sobhi Batterjee.- TradeArabia News Service