UAE’s Burjeel Holdings Launches a US$1.5 Billion Sukuk Program
Burjeel Holdings, one of the UAE’s leading private healthcare services providers, has established a US$1.5 billion senior unsecured sukuk program, strengthening its access to Islamic debt capital markets as the group diversifies its funding base and supports its long term expansion.
The program was established through Burjeel Sukuk Limited, a special purpose vehicle acting as trustee and issuer. Burjeel said the base offering circular has been published in connection with the admission of trust certificates to trading on the London Stock Exchange’s International Securities Market. The platform gives the group a flexible, Sharia compliant route to reach regional and international fixed income investors.
Alongside the program, Burjeel received first time corporate credit ratings. According to the company statement, S&P Global Ratings assigned an issuer credit rating of BB+ with a stable outlook, while Moody’s assigned a Ba2 rating with a stable outlook.
Why it matters
The transaction highlights the continued deepening of Gulf debt capital markets, with regional corporates increasingly using sukuk and conventional debt to diversify away from bank financing, broaden their investor base and extend funding flexibility.
For Burjeel, the program comes at a time when healthcare demand across the UAE and the wider GCC remains supported by population growth, mandatory health insurance, rising demand for specialised care and the region’s continued development as a hub for medical tourism. Founded in 2007 and listed on the Abu Dhabi Securities Exchange, Burjeel operates 89 assets across the UAE, Oman and Saudi Arabia, including hospitals, medical centres, pharmacies, physiotherapy centres and allied healthcare services.
The group also entered 2026 with stronger financial momentum. In the first quarter, it reported revenue of AED 1.339 billion, up 5.1 percent year on year, EBITDA of AED 201 million, up 11.2 percent, and net profit of AED 57 million, up 44.5 percent.
Outlook
The key watchpoints are the timing, size and pricing of any issuance under the program, and the use of proceeds across loan repayment, growth funding, advanced clinical care, medical education and research, and digital and AI enabled healthcare initiatives. A successful inaugural issuance would strengthen Burjeel’s funding flexibility and could support further regional expansion, though pricing will depend on market conditions and investor appetite for Gulf corporate sukuk at the time of issuance.
Sources: Burjeel Holdings; ADX disclosure; CNBC Arabia; S&P Global Ratings; Moody’s.
