Gulf International Bank – Saudi Arabia has closed a project finance facility of SR400 million ($106.6 million) with Saudi German Health to build a hospital in Jeddah.

The 350-bed hospital marks the group’s expansion in the Saudi Arabian healthcare space and will address the untapped need high-quality services in the city, a statement said.

The project is led by Humania Capital, the investment arm of the Bait Al Batterjee Group, in partnership with Middle East Healthcare Company (MEAHCO).

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 hospital project is already partially completed and expected to start operations in 2024.