The Gulf International Bank, GIB has closed project finance of SR400 million ($107 million) with Saudi German Health to build an advanced multi-specialty hospital in Jeddah. The hospital is being built across 65,000 square meters, and it will have 350 beds. The new project marks the company"s expansion of footprint in the Saudi Arabian healthcare space. The hospital project is led by Humania Capital, the investment arm of the Bait Al Batterjee Group, in partnership with the Middle East Healthcare Company. The facility was fully underwritten by GIB Saudi Arabia and was closed in a two-bank financing deal between GIB and Bank Al Jazira. The project work is now going on steadily, and it is expected to start operations in 2024. “We are pleased to provide financing for this landmark healthcare project and to support Saudi German Health in its expansion plan,” said Abdulaziz Al-Helaissi, Group Chief Executive Officer at GIB. Sobhi Abduljaleel Batterjee, Chairman of Saudi German Health said, “As a Group, we remain committed to providing greater access to state-of-the-art healthcare for the people of Saudi Arabia. This hospital project is another step in that direction.”