One of Saudi German Health's hospitals
Middle East Healthcare Co. (Saudi German Health) opened a new Saudi German Hospital project in Alexandria, Egypt, on Oct. 11, 2023.
In a statement to Tadawul today, Feb. 8, the company said the hospital boasts 300 inpatient beds, along with 45 specialized clinics.
It is under the ownership of Saudi Egyptian Healthcare Co., with the majority stake held by Batterjee Medical Co. (a related party). Additionally, there exists a management supervision agreement with Saudi German Health.
No shares are being held by Saudi German Health in the new hospital. Instead, it operates under an asset revenue model, providing management supervision, the statement said.
The statement emphasizes that all necessary licenses were secured from the relevant authorities, enabling the hospital to commence patient admissions from Oct. 11, 2023.
The company is entitled to receive a 10% share of net profits before taxes in management supervision fees for the hospital.
In September 2016, the company’s board approved a management supervision agreement for Batterjee Medical City in Alex West district of Alexandria, according to data available on Argaam.
Batterjee Medical City comprises four phases, the first of which encompasses a general hospital and staff accommodation at an estimated cost of EGP 1.5 billion and EGP 110 million, respectively.
Phase two includes seven specialty hospitals, which will likely cost between EGP 5 billion and EGP 6 billion. This is besides up to EGP 20 million for staff accommodation for each hospital.
The third phase consists of a medical center, featuring 220 clinics, valued at up to EGP 200 million.
Finally, a college of medical sciences and technology will be established under phase four, at an estimated cost of EGP 700 million.
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