JEDDAH: Saudi Arabia’s Riyad Bank has signed an agreement with Bab Al-Khair medical services company to establish the Kingdom’s first nonprofit hospital.
An initiative of the Batterjee House for Community Service, the partnership with Bab Al-Khair forms part of the country’s efforts to strengthen the role of the private sector in line with the objectives of the Saudi Vision 2030 reform plan.
Subhi Batterjee, chairman of the board of directors of Batterjee House for Community Service, said that the hospital would be located in Makkah and construction was currently underway.
Officials at Batterjee House for Community Service, the charitable arm of the Batterjee family, hope the development will be the first of a series of non-profit hospitals in the Kingdom.
Riyad Bank is one of the largest financial institutions in Saudi Arabia and the Middle East. Established in 1957, with a paid-up capital of SR30 billion. With more than 5,900 employees, the bank is among the Saudi organizations with the highest national employment rate of 94 percent.