Bank closes hospital project placement
Manama, January 31, 2010
The Venture Capital Bank has announced the closure of placement in the Royal Maternity Hospital project.
It is poised to operate as a world-class wellness centre specialised in the provision of basic and advanced healthcare services for women and children in Bahrain and neighbouring countries.
'The healthcare sector is given increased attention by the bank, which seeks to diversify its investments by addressing the specific needs of the market and responding to growing need for investment in this vital sector,' bank chief executive Abdullatif Mohammed Janahi said.
'Investors in the Royal Maternity Hospital project are expected to achieve an internal rate of return of 20 per cent over an investment period of up to five years.
'The Royal Maternity Hospital project was placed as a structured investment product specifically targeting a certain category of the bank's investors with substantial interest in the healthcare sector and who are expected to add value to this unique project throughout the phases of its implementation or future potential expansion in other Gulf cities,' Janahi said.
'The hospital is the second medical project to be structured by the bank following the rolling out of another medical project that was introduced in 2009 with the objective of targeting a niche market and meeting predetermined demand,' said Janahi.
The Venture Capital and Business Development team in the bank had diligently developed the structure of this investment opportunity to balance the requirements of the project's various stakeholders, in terms of return expectations for its investors and achieving the desired value addition to the local and regional healthcare scene.
To accomplish that, the bank worked closely with a distinguished consortium of technical and consultancy partners under direct supervision of the Investment Director for Venture Capital and Business Development in the Bank, Elham Al Koohiji, to create the best working model for project implementation.-TradeArabia News Service