Gulf International Bank Saudi Arabia Signs Agreement to Provide Financing to Altakassusi Alliance Medical

Gulf International Bank - Saudi Arabia today announced that it has signed an agreement with Altakassusi Alliance Medical (AAM), a leading regional diagnostic imaging company, to provide financing for the first privatization and partnership project between the private sector and Saudi Arabia’s Ministry of Health. 

In June 2023, AAM, which is a joint venture between the Alliance Medical Group, King Faisal Specialist Hospital & Research Center, and Lifeline Medical, was selected by the Ministry of Health to manage and operate radiology departments in seven hospitals within the scope of the second and third health clusters in Riyadh as part of the transformational efforts and initiatives to achieve the objectives of the Kingdom's Vision 2030 for healthcare development and reform. 

Funds will be used by AAM to meet the targets of the project which aim to facilitate and extend access to world-class diagnostic services for more than 1.5 million beneficiaries.

The agreement was signed at a ceremony in Riyadh attended by Nart Mamser, CEO of AAM and Khaled Abbas, CEO of GIB Saudi Arabia, along with other senior management from GIB Saudi Arabia and AAM.  

Commenting, Mr. Abbas, said, "At GIB Saudi Arabia, we are proud to support the Kingdom's Vision 2030 by facilitating financing solutions that empower strategic public private partnerships and attract Foreign Direct Investment (FDI) in high-priority sectors such as healthcare. This financing agreement with Altakassusi Alliance Medical aligns with our commitment to contributing to economic diversification and growth whilst also furthering our strategy of diversifying our lending portfolio across high-growth sectors with significant potential in the Kingdom. This landmark public private partnership not only strengthens the healthcare infrastructure in Saudi Arabia but also contributes to enhancing social welfare through improved access to essential medical services. We are dedicated to playing a pivotal role in realizing the Kingdom’s strategic goals by creating frameworks that attract FDI and bolster key industries such as healthcare."

Nart Mamser, CEO of AAM also commented on the pioneering agreement, saying, “We are pleased to contribute to this public-private partnership that strengthens the healthcare infrastructure in the Kingdom and supports the social welfare system by improving beneficiaries' access to essential medical services.”