Morocco’s Akdital seeks funds for Gulf hospitals

Akdital Holding, Morocco’s largest private healthcare provider, is reportedly seeking to raise funding from the Gulf and the local debt markets to support its $1.6 billion expansion across Saudi Arabia and the UAE.

The company is planning to build at least eight hospitals in the region by 2030, with a focus on Mecca and Dubai, CEO Rochdi Talib told Bloomberg. 

The company will raise MD800 million ($86 million) through a domestic bond sale this year, he said.

The healthcare provider aims to raise $700 million through its property arm, Tazak, which will fund hospital projects in the Gulf and Morocco. 

Tazak holds MD2.5 billion in assets, mostly Akdital-operated hospitals.

Family offices in Morocco, Saudi Arabia, the UAE and elsewhere in the region will inject funds into Tazak, which Akdital plans to convert into a publicly listed real estate investment trust on the Moroccan exchange by 2027, the report said.

• Aster secures $72m for two hospitals in Dubai
• Private sector stands to gain from Saudi healthcare needs
• Dubai to spend $350m on healthcare city

The company will invest $200 million across its planned diagnostic centres in Gulf countries, the report said.

Akdital, which operates 40 hospitals across more than half of Morocco’s provinces, raised $112 million in a local initial public offering in 2022. Its overseas expansion began in July with a contract to lease and operate Al Mishari Hospital in Riyadh.

Talib expects foreign operations to generate 40-50 percent of the company’s revenue by 2030.