Al Ahly Pharos Pioneers EGP 2.4bn Sustainability-Linked Sukuk to Finance «Capital Med» Healthcare Mega Project
Cairo 29 September 2025:
Al Ahly Pharos Investment Banking, the investment banking arm of «National Bank of Egypt», acted as financial advisor, lead manager, book-runner, and underwriter for the third sukuk issuance of «Al Ahly Sukuk Company». The issuance amounted to EGP 2.4bn in sustainability-linked Musharaka sukuk. It aims to finance part of the first phase of the «Capital Med» healthcare city, a project owned by «Egyptians for Health Care Services (EHCS)».
Capital Med to transform healthcare
The hospital under construction represents the first step of an integrated medical project. EHCS seeks to improve healthcare in Egypt and support economic growth. Upon completion, «Capital Med» will employ over 25,000 healthcare professionals. Moreover, it will provide more than 4,000 beds, 700 intensive care units, and 70 operating rooms, serving more than five million patients annually. Consequently, this will help reduce the shortage of hospital beds in Egypt.
Boosting medical tourism in Egypt
The project also aims to attract medical tourism. Egypt’s geographic location covers nearly half a billion people within a four-hour flight. In addition, «Capital Med» will offer 14 specialized medical centers. These include rehabilitation, women’s health, organ transplants, cardiology, and liver treatments with cutting-edge technologies. It will also provide telemedicine services and non-medical facilities such as a hotel, shopping mall, and transport services. Thus, the project positions Egypt as a global healthcare hub.
A historic first in sukuk market
This issuance is Egypt’s first sustainability-linked Musharaka sukuk and the first dedicated to the healthcare sector. Therefore, it marks a milestone in the development of Egypt’s debt capital market. It also opens doors for similar projects to tap innovative debt solutions. EHCS’s choice of «Al Ahly Pharos» as advisor reflects the trust in its expertise and ability to structure creative financing models.
Statements from leaders
Dr. Hassan El-Kalla, Chairman and Managing Director of EHCS, said:
“Establishing a smart, integrated healthcare city has been a long-standing dream. Today, it becomes reality through «Capital Med», combining medical excellence with sustainable economic value.”
Ahmed Heider, CEO of Al Ahly Pharos, added:
“This issuance proves the strength of our advisory platform. Moreover, it supports our strategy to drive innovation across Egypt’s capital markets. I thank EHCS, Dr. Hassan El-Kalla, and our partners for their trust.”
Amir Sherif, Managing Director and Head of DCM at Al Ahly Pharos, said:
“This is a milestone issuance, not only for being the first of its kind but also for advancing Egypt’s debt market. Our DCM team has already executed transactions exceeding EGP 100bn in just three years. As a result, we remain committed to delivering innovative financial solutions.”
Strategic location and economic impact
The project will be built in Badr City, opposite the New Administrative Capital, close to New Cairo. Consequently, «Capital Med» will serve more than five million people within 20 minutes and over 20 million within 90 minutes. This reinforces its role as a hub for healthcare and private sector-driven economic growth.
Key partners in the issuance
The transaction was underwritten by «National Bank of Egypt», «Al Ahly Pharos», «Suez Canal Bank», and «Al Baraka Bank». Furthermore, «ADCB» and «IDB» participated as investors. «MERIS» provided the credit rating, while «Zulficar & Partners» acted as legal advisor. In addition, «Baker Tilly» was the auditor, «EMEND» the independent engineer, and «RSM» the independent financial advisor.
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