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In the presence of Dr. Osama Al Bar the Mayor of Makkah, Engr. Sobhi Al Batterjee Group President, Dr. Makarim Al Batterjee Group Vice President and Engr. Sultan Al Batterjee. Engr. Sobhi Al Batterjee, said that this project is strategically located on 58,000 sq. meters land with a total project investment of One and Half Billion Saudi Riyals. The phase one consists of a Medical College with a capacity of 2000 students, offering bachelor Degree for boys and girls in Medicine and other disciplines of Clinical Pharmacy, Physical Therapy, Respiratory Therapy, Health management and administration, and Nursing. There will also be Staff accommodation to serve the needs of the various facilities within the healthcare city. Batterjee Medical City will have a world class Hospital of 400 Beds capacity, the chance of execution modalities in compliance with the government requirements will be offered to Middle East healthcare Company (MEAHCO) to build, own and operate a specialized hospital under (Saudi German Hospital) trade mark. The project will also include the establishment of a non-profit hospital with a capacity of 80 to 100 beds to support the medical college.
Engr. Batterjee appreciated the clear vision, strategic roadmap and support by the prince of Makkah province Khalid Al Faisal; it is the vision which the idea of the project grew out where the Group-building projects providing medical and educational services contribute to the development rights. Engr. Batterjee thanked H.E. Dr. Osama Bin Fadl Al Bar the Mayor of Makkah and all the staff working with the Mayor for their support and encouragement that made this project a reality which will help improve the medical and education services in the region.
Engr. Sobhi Al Batterjee highlighted the active role of the private sector in providing quality medical care to the Saudi population. A largely fragmented healthcare industry creates inefficiency in the system which can be addressed by increased corporate participation and consolidation. Al Batterjee family consider healthcare and healthcare education as their life’s mission and passion, they are focusing all of their energy and resources on it.
Middle East Healthcare Co. announces the awarding of Contract for the construction (including medical equipment’s and furniture) of Saudi German Hospital in Dammam to International Hospital Construction Company for SAR 336.4 million as following: 1.The Contract awarded on 06-12-2016 2.Project will start construction from 07-12-2016 3.Cost of project is SAR 336,451,500 4.The project is expected to be financed by Islamic financing through a local bank for an amount of SAR 300 million and rest of the amount through internal generation of the company. 5. Company expects to complete the project by 06-06-2019 6.The company expects the Saudi German Hospital in Dammam to have Positive impact. 7. Related parties: The contract is awarded to International Hospital Construction Company a related party in which three directors of the company namely Sobhi A Batterjee, Khalid A Batterjee and Sultan Sobhi Batterjee are shareholders. 8. Additional Information: The duration of the contract is 30 months from the date of awarding the contract - The project is considered to have material positive impact on the revenues and income of Middle East Healthcare Company (Saudi German Hospital), details of which shall be announced in due course.
1. Loan agreement was signed on 27-12-2016
2. Loan amount is SAR 300 Millions
3. Loan period duration from 27-12-2016 to 31-12-2019
4. The purpose of the loan finance construction and equipping of Saudi German Hospital
5. Loan guarantee: promissory note from the company
6. Further information: The loan repayment is 14 semiannual installments starting after 36 months grace period, first payment June 2020 and last payment will be in December 2026