Al Ahly Pharos Pioneers Egypt’s First Healthcare Sukuk Deal Worth EGP 2.4bn
Khadamaty–New
Al Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt, has successfully closed a landmark EGP 2.4 billion sustainability-linked Musharaka Sukuk issuance for Egyptians for Healthcare Services (EHCS). The proceeds will partially finance the first phase of CapitalMed, a fully integrated healthcare city in Badr City, strategically located near Egypt’s New Administrative Capital.
The transaction, branded as Al Ahly Sukuk’s third issuance, is the first of its kind in Egypt’s debt capital market, marking the healthcare sector’s debut with sustainability-linked Musharaka Sukuk. Al Ahly Pharos acted as financial advisor, lead manager, bookrunner, and underwriter, reinforcing its leadership in structuring innovative financing solutions.
Transformational Healthcare Project
CapitalMed, spanning 144 acres, is designed as a world-class medical hub that will transform Egypt’s healthcare landscape. Once complete, it will:
Employ over 25,000 healthcare professionals
Provide 4,000 hospital beds, 700 ICU units, and 70 operating rooms
Serve more than 5 million patients annually
Offer 14 specialized medical centers, including organ transplant, liver treatment, cardiology, women’s health, and rehabilitation hospitals
The project will also feature medical tourism facilities, non-medical amenities such as hotels, a shopping mall, and transportation services, enhancing its regional appeal to a market of nearly 500 million people within a four-hour flight radius.
A Milestone for Egypt’s Debt Capital Market
This issuance represents a major step in broadening Egypt’s debt capital markets, introducing innovative sukuk structures that open doors for similar large-scale projects.
Dr. Hassan El-Kalla, Chairman and Managing Director of EHCS, emphasized that CapitalMed reflects a long-awaited vision to establish a smart, fully integrated healthcare city that strengthens Egypt’s private healthcare sector while contributing to economic growth.
Ahmed Heider, CEO and Managing Director of Al Ahly Pharos, described the transaction as a “testament to the strength of Al Ahly Pharos’ advisory platform,” underscoring the firm’s role in expanding innovative financing tools aligned with Egypt’s capital market evolution.
Strong Market Confidence
The issuance saw broad participation, with underwriting and support from the National Bank of Egypt, Suez Canal Bank, Al Baraka Bank, ADCB, and IDB. Coverage exceeded issuance size, reflecting strong investor appetite for diversified instruments.
Key transaction partners included Zulficar & Partners (Legal Advisor), Baker Tilly (Auditor), MERIS (Credit Rating Agency), EMEND (Independent Engineer), and RSM (Financial Advisor).
