We have two financial services stories for you this morning, including news of a fund that will finance ins.-backed claims for small- and mid-sized healthcare providers as well as an SAR 1 bn multi-asset fund from Sedco Capital

Small and medium-sized healthcare providers will be able to settle their ins. claims quicker thanks to a healthcare-focused SAR 50 mn direct investment fund Klaim for Information Technology and Tharawat Tuwaiq Financial will set up, Klaim CEO Karim Dakki said yesterday. The two signed an MoU for the fund, which is designed to help ins. players improve their cashflow, Argaam reports, citing a company statement.

The pitch: Clinics will be able to settle their ins. claims within three days through the fund’s new financing program. “A typical cycle from submission preparation to claim payment takes between 60 to 90 days, heavily impacting healthcare facilities cashflow. On average, ins. providers take 120 days to pay 90% of submitted claims,” according to Klaim’s website. The fund’s platform will also be integrated with the National Platform for Health and Ins. Exchange Services.

What’s the impact? “We anticipate that over SAR 3 bn in working capital could be unlocked and reinvested into the healthcare SME sector in the Kingdom,” said Klaim CEO Karim Dakki.

SEDCO CAPITAL RAISING SAR 1 BN FUND

Sedco Capital opened subscription yesterday to a multi-asset, Shariah-compliant traded fund and is looking to attract assets under management of SAR 1 bn by the time the window closes on 6 June, the company said. Aljazira Capital will act as the fund’s custodian, while receiving agents include AlJazira Capital, Al Rajhi Bank, SNB Capital, Riyad Bank and Banque Saudi Fransi.

Sedco wants to place 70% of the fund with institutional investors and will build a “diversified portfolio of local and international private and public investments that are compatible with Shariah standards and controls.” It will invest up to 80% of its assets in local and global equities and “income assets” and another 20% in less-liquid “global private equity investments,” it said in an FAQ (pdf).

Check out the fund’s landing page and key documents here.

The fund will pay out dividends twice a year, and will be announced 40 days after the end of June and of December. Dividends would then be distributed to eligible uni holders within 90 business days of the approval of the dividend for the period.

Tags: