His Royal Highness, Prince Saud Bin Abdulaziz, the Governor of Eastern province laid the foundation stone for the Batterjee Medical City in Dammam
His Royal Highness Prince Saud bin Nayef Bin Abdulaziz, Governor of the Eastern Region, laid the foundation stone for the Batterjee Medical City in Dammam, one of the largest private healthcare projects in the region.
Eng. Sobhi Batterjee, Chairman of the Middle East Healthcare Company- Meahco (Saudi German Hospital Group) and also of Bait Al Batterjee medical Co Ltd welcomed His Royal Highness Prince Saud bin Naif and the honorable audience, and thanked HRH for laying the foundation stone for this project. He stressed that the encouragement and support by HRH Prince Saud Bin Nayef bin Abdulaziz, and other senior government officials has further reinforced the Groups commitment to healthcare and serve the regional community while creating benchmarks for healthcare facilities. He explained that the project will be built on an area of 90 thousand square meters and will be implemented on four stages at a total estimated cost of four billion Saudi riyals.
He added that the first stage will be the establishment of a 150-bed private hospital owned by Middle East Healthcare Co - Meahco (Saudi German Hospitals) with state-of-the-art medical equipment covering all specialties in line with the global best medical practices. There also will be a staff housing within the complex. This first phase of the project is expected completed in the first quarter of 2019 with operations commencing in the second quarter of 2019.
The second phase will be establishment of the Batterjee Medical College, the third phase will be establishment of Specialty centers to be decided as per the market needs, and the fourth phase will be a mixed use tower buildings, hotel, shopping center of international standards.
Mr. Batterjee said that the building area of the Medical City will be 550,000 square meters, and when fully functional will provide 8,000 jobs for Saudis in various fields and will provide high-quality specialized services to citizens and residents in the whole Eastern Region, as well as patients from the State of Bahrain and Kuwait.
Mr. Batterjee mentioned that Meahco (Saudi German Hospitals) has successful track record of more than 30 years and he will discuss the management of the Batterjee Medical City with Meahco and obtain the required approvals.
Engineer Sobhi said that the private sector is committed to support and contribute towards enforcing the vision of the Kingdom 2030 under the leadership of HRH, the Custodian of the Two Holy Mosques King Salman bin Abdul-Aziz.
In 2016, Middle East Healthcare Company (MEAHCO) successfully closed its US$480 million (SAR1.80 billion) Initial Public Offering (IPO). MEAHCO is one of the leading healthcare service providers in Saudi Arabia, which operates under the brand name “Saudi German Hospital.” The IPO of MEAHCO was the first in 2016 in Saudi Arabia and is considered the largest IPO to take place in Saudi Arabia by a healthcare service provider to date. The IPO was an important milestone in MEAHCO’s successful journey and is indicative of the investment in Saudi Arabia’s healthcare industry.
The MEAHCO IPO secured two awards in Islamic Finance News (IFN’s) Deal of the Year 2016 awards in the category of Equity & IPO.
The IPO received an astounding reaction from the market, with the book building process generating an order book of around SAR10.5 billion, resulting in 593.7% of the total offered shares subscribed by institutional investors. The retail subscription by individual investors was 274% oversubscribed.
The IPO is unique in many ways. The first IPO of 2016 in Saudi Arabia, also the largest at the time of the issuance, it attracted a substantial number of eligible institutional and retail investors. It is also notable that there are not many IPOs carried out by Saudi-based healthcare companies. Highly reputable stakeholders, such as Bait Al Baterjee, the International Finance Corporation, the Islamic Development Bank and the Arab Fund, are amongst the main key shareholders of MEAHCO at the time of the IPO.
Engr. Sobhi Batterjee commented: “We are delighted to have received the award for this landmark transaction which is the culmination of a long journey”
While speaking Engr. Batterjee added that IPO of MEAHCO is the vision and strategy of the organization that will provide strong foundation for the further growth.
The healthcare company, which manages five major hospitals in Jeddah, Aseer, Riyadh, Madinah and Hail , is in the process of developing an additional hospital in Dammam.
كشف المهندس صبحي بترجي رئيس مجلس إدارة بيت البترجي الطبية عن إنشاء 4 مستشفيات متخصصة سعة 50 سرير في 4 مناطق مختلفة بالمملكة للأسر الفقيرة ذات الدخل المحدود و أوضح المهندس صبحي بترجي " ان من واجبنا الوطني تجاه أبناء مملكتنا الحبيبة ومساهمة منا لمساعدة الففراء. غير القادرين على تحمل المصاريف العلاجية، و أشار المهندس بترجي إلى أن تشييد تلك المشافي سوف يكون خلال الآعوام المقبلة و يجري الآن وضع التصاميم الهندسية لها مبينا أن تشمل على كافة مناطق المملكة مجهزة بأحدث التجهيزات الطبية الحديثة و لفت البترجي أن من واجب المواطنة و الانتماء لهذا الوطن المعطاء الذي ينعم تحت ظل القيادة الرشيدة بقيادة مولاي خادم الحرمين الشريفين الملك سلمان بن عبدالعزيز و سمو ولي عهده الأمين الأمير محمد بن نايف حفظهما الله و للشعب السعوي الوفي . و أبان البترجي أن المستشفيات سوف تنشأ في المنطقة الغربية والشرقية والجنوبية والوسطي وهذا واجب وطني لاهلي واخواني في جميع مناطق المملكة.
The board of directors of Middle East Healthcare Co. (MEAHCO), which owns and operates Saudi German Hospitals, has recommended a 20 percent cash dividend (SAR 2 per share) for fiscal year 2016.
Cash Dividend Details (2016)
Current capital: SAR 920.40 mln
Eligible shares: 92.04 mln
Total dividend: SAR 184.08 mln
Percent of capital: 20% (SAR 2/share)
Record date: General assembly meeting- To be announced
Payment day: To be announced