Al-Mawarid International Company for Educational and Health Services is a closed shareholding company. The Company is majority owned by (i) Prof. Dr. Abdulaziz Ahmed Al-Kebab: 25.5%; (ii) Sheikh Omar Saleh Babakir: 13.3%; (iii) Sheikh Salem Saleh Baazim: 12.0%; and (iv) Thabet Investment Company: 7.0%.  

The Project will be implemented by The Development Company for Education and Health Services Ltd (“OpCo”) a subsidiary of the Al-Mawarid International. This entity is 52.2% owned by the Company and was established in 2023 with the sole aim of building and operating UST’s new teaching hospital in Aden. Other major shareholders in the OpCo includes: (i) Dar Al Wafaa Contracting: 20.4%’ (ii) Khaleej Haqqat Services Company Limited: 8.1%; and (iii) Ezz El-Din Othman Ghanem: 6.3%.

 The total cost of the Project is estimated at about US$55-60 million. The proposed IFC investment is a US$22 million A loan for IFC’s own account and is expected to be committed in tranches.

The Project may be supported by the IDA20 Private Sector Window Blended Finance Facility (IDA PSW BFF), subject to obtaining the necessary internal approvals, as described in the Blended Finance section.

The teaching hospital will be collocated to the existing UST main campus in Aden, Yemen.

No governance risks to development impacts have been identified. Al-Mawarid operates under a sound governance and corporate structure that ensures transparency, accountability, and effective decision-making. It adheres to corporate governance policies and practices.

 This is a category B project according to IFC’s Policy on Environmental and Social Sustainability (2012). The proposed project will have limited adverse environmental and social (E&S) impacts that are few, site specific, largely reversible and readily addressed through existing mitigation measures and good international industry practices (GIIP).

Key impacts associated with the project include (i) company’s capacity to identify and manage E&S impacts and risks; (ii) fair and safe labor & working conditions including occupational health and safety (OHS), workers grievance mechanism & contractor management, non-discrimination and equal opportunities for women, discrimination and harassment against female and migrant healthcare workers, (iii) contractor management; (iv) effluent management including non-hazardous, hazardous and/or medical wastes, hazardous chemicals and potential impacts on soil, surface water and groundwater, (v) life & fire safety (L&FS) and emergency planning and response, (vi)  stakeholder engagement & grievance mechanism; and (vii) community health and safety.