IslamicFinance.de

Ajman Bank has signed a financing agreement with Saudi German Hospitals Group for the construction of Saudi German Hospital Ajman (SGH-Ajman). The planned hospital would be a 50- bed facility in the Emirate of Ajman. The total cost of the project is AED327.3 million, and the completion of all phases of the project and formal opening of the hospital is expected in 2018. The signing of the agreement was overseen by Mohamed Amiri, Chief Executive Officer of Ajman Bank, and Sobhi Batterjee, CEO and Chairman of the Saudi German Hospitals Group. Akram Khan, Vice President of Ajman Bank, said that the agreement includes providing a housing fund for hospital workers and a range of items within the framework of the agreement.

Ajman Bank generated net income of Dh33.5 million (US$9.1m) during last year, compared to profit of Dh6.9m a year earlier. However, Ajman's fourth-quarter profits fell 29.5 per cent to Dh8.3m. The bank did not provide detailed financial statements or an explanation of the drop in quarterly income. Ajman said its increase in income was mainly generated through corporate banking, lending to small and mid-sized businesses and treasury operations. The bank's revenues and shares rose as well.