Al Zahra signs Dhs360m deal with NIB

Al Zahra Private Hospital Dubai, subsidiary of Gulf Medical Projects Company has signed a Dhs360 million finance facility with Noor Islamic Bank (NIB) and Mashreq Al Islami, the Islamic banking division of Mashreq Bank. Noor Islamic Bank and Mashreq Al Islami are participating on an equal sharing basis. The seven year facility agreement was signed by a representative of Al Zahra (PVT) Hospital Dubai, Kazim Ali, Acting Head of Corporate Banking, Noor Islamic Bank and Amr El Nokaly, Senior Vice President and Head-Commercial Banking, Mashreq Al Islami. Kazim Ali, Acting Head of Corporate Banking, Noor Islamic Bank, said the joint facility with Mashreq Al Islami demonstrates Noor’s flexibility in creating financing solutions that meet the needs of its growing customer base. “As one of the country’s leading Islamic banks we are proud to have partnered with both Mashreq Al Islami and Gulf Medical Projects Company to bring this deal to fruition and to have the opportunity to contribute to the development of the country’s healthcare sector for the benefit of everyone living in the UAE,” Ali said. Commenting on the agreement, Amr El Nokaly, Head - Commercial Banking at Mashreq, said: “Mashreq Al Islami is committed to supporting the local economy and providing suitable financial solutions. The financial support we are giving to Gulf Medical Projects Company, in partnership with Noor Islamic Bank, will enable Gulf Medical Projects Company to realise its ambition to establish the Al Zahra Private Hospital Dubai as a first class addition to the UAE’s healthcare services.”