Burjeel Holdings

Twenty hospitals, forty-four centres, and where the margin actually sits

Burjeel Holdings runs private healthcare across the UAE, Oman and an early-stage Saudi position. At H1 2026 the network covered 20 hospitals, 44 medical centres, 1,784 beds and 1,801 doctors, handling 3.704 million visits in six months. Outpatient utilisation ran at 73% and bed occupancy at 69%.

Hospitals carry the group. FY2025 revenue by asset type was AED 4.773 billion hospitals, AED 463.982 million medical centres, AED 61.282 million pharmacies and AED 185.672 million other, while segment EBITDA came to AED 1.165 billion, AED 50.305 million, AED 6.860 million and negative AED 133.585 million respectively. Central functions absorb roughly what the smaller formats earn.

The claim cycle sits between revenue and cash

Insurers, not patients, settle most bills, and the balance sheet shows it. FY2025 gross trade receivables were AED 3.123 billion against AED 1.067 billion of expected credit loss; by H1 2026 both had grown, to AED 3.365 billion and AED 1.173 billion. The balances are unsecured.

Two mechanisms are routinely merged and should not be. A disallowed claim reduces recognised revenue as variable consideration; expected credit loss addresses recoverability of what was already booked. Payer concentration, tariffs, denial ratios and collection curves are unpublished, so neither can be normalised from outside the company.

The history was pooled before it was listed

The legal parent was incorporated in January 2020, yet FY2019–FY2021 were retrospectively pooled after a common-control transfer in March 2022. The October 2022 flotation sold existing and new shares together. Read a five-year series and its earlier part describes predecessor economics. A second break follows: Abu Dhabi's Unified Procurement Program moved prescribed medicines from gross product revenue to a fixed service fee in August 2025.

A flagship, a closed venture, a fixed coupon

Burjeel Medical City held FY2025 gross property of AED 1.448 billion and net AED 1.060 billion on land leased to 2074, but its own revenue and cash return are not broken out. In Saudi Arabia the 50% PhysioTherabia joint venture closed every centre during H1 2026 with an AED 14.985 million impairment. Funding shifted in July 2026 with a USD 500 million senior unsecured sukuk priced at 7.0% and due 2031. Ownership stays concentrated: VPS Healthcare Holdings holds 70.0%, and the April 2026 general meeting approved combining the Chairman and Chief Executive roles.

What Burjeel has not put on the record

Staffed rather than licensed beds, facility-level occupancy and cash returns, payer names and denial rates, the Medical City ramp, Saudi unit economics, how capital spending divides between upkeep and expansion, and the exact FY2025 dividend payment date all sit outside public disclosure. Nothing on this page is a price, a multiple or an instruction to trade.