Clifford Chance has advised Burjeel Holdings PLC (“Burjeel”), a leading healthcare services provider which operates a network of hospitals and healthcare facilities across the GCC, on the establishment of its US$1.5 billion Sukuk Programme and the issuance of its inaugural US$500 million senior unsecured sukuk. The transaction marks Burjeel’s first public debt capital markets issuance and establishes a platform for future Shari’a-compliant fundraising.
The debut sukuk was backed by a pool of medical equipment assets, with the programme structured to support future issuances underpinned by healthcare real estate assets, medical equipment assets or a combination of both, providing Burjeel with a flexible platform as its funding requirements evolve.
The issuance attracted strong demand from regional and international investors, generating an orderbook of more than US$1.4 billion, with international investors accounting for the majority of allocations. It is also the first public sukuk issuance by a UAE healthcare company since 2018 and highlights the growing importance of Islamic capital markets as a strategic source of funding for leading regional corporates.
The transaction is another significant milestone in Burjeel’s evolution as a publicly listed healthcare group, following its successful listing on the Abu Dhabi Securities Exchange in 2022.
The Clifford Chance team advised Burjeel on all aspects of the programme establishment and debut issuance, including the programme documentation, Shari’a-compliant structure and execution of the transaction.
Qudeer Latif, Partner and Head of Global Islamic Finance at Clifford Chance, commented:
“We are delighted to have advised Burjeel on a transaction that marks the return of UAE healthcare to the sukuk market. The successful establishment of the programme and debut sukuk issuance demonstrate the continued depth of regional and international demand for high-quality GCC corporate credits. It also represents an important milestone for Burjeel as it broadens its funding sources and enters the global debt capital markets.”
