Ajman Bank has signed a financing agreement with Saudi German Hospitals Group for the construction of Saudi German Hospital Ajman, according to UAE state news agency WAM.

The hospital will be a 50-bed facility in Ajman, with the total cost of the project a reported AED327.3 million ($89.1 million).

Completion of all phases of the project and formal opening of the hospital is expected in 2018, it was announced in a press conference held by both parties.

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.

Amiri said that the agreement is a true reflection of Ajman bank’s focus and keenness to support the medical sector by financing specific development projects that promote an integrated health care system in the emirate.