Revolutionising the way healthcare is delivered in the UAE – how our finance support is enabling Aspen Medical to be a part of that change.
Aspen Medical is an Australian-owned, multi-award-winning company which provides innovative healthcare solutions such as staffing logistics, project management, facilities, training and consultancy in remote, challenging or under-resourced environments.
Working in Mining, Oil and Gas, Government, Humanitarian and Defence, Aspen Medical’s operations have included running Ebola clinics in Sierra Leone and trauma and maternity clinics in Mosul, Iraq. When they were contracted by the Commonwealth government to provide medical services to the Regional Assistance Mission Solomon Islands, it was the first time a private company had been engaged to provide outsourced medical services in a deployed military environment.
When Aspen Medical won a contract with the United Arab Emirates (UAE) Government to construct and operate six primary healthcare centres in regional Abu Dhabi, jurisdictional issues meant that banks couldn’t help with finance for the project. That’s when they turned to Export Finance Australia.
Export finance in record time
Aspen Medical’s General Manager Middle East, Sudeep Acharya said that without Export Finance Australia, sourcing finance for the capital-intensive project would have been difficult and extremely expensive.
“In this project, because we are building the healthcare centres, and we are owning an asset, we need a lot of capital.”
“All of our collateral and assets are in Australia, and they do not fall under the jurisdiction of the local UAE bank,” he said.
“So, we face that imbalance of having assets in one place, but needing loans and finance in a completely different jurisdiction.”
The company contacted Export Finance Australia and explained their financing needs. Business Development Director Charith Amarasinghe understood the problem immediately and moved quickly to make all the necessary checks and assessments.
“Charith and the team were fantastic,” said Acharya. “Once we provided all the information, they were able to come up with a solution and gave us credit at commercial terms in record time”
Helping Australian business succeed overseas
We provided a direct loan for US$11.9 million, to help with the clinics’ design, construction and operation.
Acharya says that the project is just the start of a promising relationship in the region, with the potential for many more clinics to be built over the coming years.
“Export Finance Australia has allowed us to establish ourselves here as a major primary care provider to the UAE – giving us the chance to win more work here,” said Acharya