Fakeeh Care secures SAR 720M facilities from SNB, SAB

Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care) signed, on Sept. 3, two Shariah-compliant credit facility agreements at competitive terms and conditions with Saudi National Bank (SNB) and Saudi Awwal Bank (SAB) at a total value of SAR 720 million.

The company obtained SAR 570 million worth of facilities from SNB and SAR 150 million short-term facilities from SAB, it said in a statement to Tadawul.

Fakeeh Care explained that it raised SAR 270 million long-term facilities and SAR 300 million short-term facilities from SNB. All facilities are guaranteed by a promissory note.

The SAR 570 million credit facilty will be available to all entities of the group and will support its expansion and growth plans, while SAB’s facilities will be used to finance the working capital requirements of Fakeeh Care Group.

The SNB facilities replace a previous credit line worth SAR 936 million that was allocated to Dr. Soliman Fakeeh Hospital in Jeddah. The new credit line now covers modified terms and conditions, while being accessible to all the group’s key subsidiaries.