Bracewell has advised a lending group on the first healthcare public-private partnership (PPP) project in Saudi Arabia.
The group comprises Alinma Bank, Riyad Bank and Natixis Corporate & Investment Banking, with Tamasuk and Alghanim International developing the project.
The project involves the design, construction, operation and maintenance of a 244-bed public emergency hospital and associated facilities in Madinah.
The Al Ansar Hospital project was realised under the Saudi Ministry of Health’s (MoH) Private Sector Participation (PSP) initiative, aiming to improve healthcare services for the residents of Madinah, as well as for pilgrims during Hajj and Umrah.
The cross-border team advising the lenders included Dubai partners Tom Swarbrick and Andrej Kormuth, alongside London partners Oliver Irwin and Tom Jamieson.
Swarbrick, who led the Bracewell team, said: “We are delighted to have advised the lenders in relation to this significant project financing, the first healthcare PPP in Saudi Arabia. This important project sets a precedent for future healthcare PPPs in the Kingdom and across the Middle East.”
Bracewell was supported by STAT Law in the Kingdom.
