Altakassusi Alliance Medical (AAM), a joint venture between the Alliance Medical Group, King Faisal Specialist Hospital & Research Centre, and Lifeline Medical, has achieved financial close for their diagnostic imaging public-private partnership (PPP) project, the very-first privatisation and partnership project between the private sector and Saudi Arabia’s Ministry of Health, according to a press statement by Gulf International Bank - Saudi Arabia.

In June 2023, AAM was awarded a 10-year concession for the project by the health ministry to manage and operate radiology departments in seven hospitals within the scope of the second and third health clusters in Riyadh.

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 GIB Saudi Arabia press statement issued on Monday said. 

Details about the financing including loan size, tenor weren't disclosed.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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