Page 112 - SGH REPORT - FEBRUARY 2024

2/14/24, 4:41 PM Saudi's Middle East Healthcare Company Starts Sale Of Riyal-Denominated Sukuk
While the issuance amount is currently fixed at $266.7 million, the final amount will

be decided based on the market conditions after the subscription, said a regulatory

filing.

Returns from the riyal-denominated sukuk will be paid quarterly at a fixed rate of 7.2%

per annum.

Additionally, the Islamic bonds will be issued in denominations of $266.7 (SAR

1,000), with a minimum subscription of five.

Middle East Healthcare has appointed Al Rajhi Capital as the financial advisor, lead

manager, and dealer for the Sukuk offering.

Middle East Healthcare shares were down 2.4% to $32 (SAR 120) per share as of 3:41
pm GST Monday.

Big number

The healthcare provider posted a net profit of $39.5 million (SAR 148.2 million) for the

nine months ended September 2023, posting a whopping 293.7% growth from its $10

million (SAR 37.6 million) net profit for the same period a year earlier.

Surprising fact

Saudi Arabia’s total debt market in all currencies is expected to flourish after registering an
18.4% year-on-year growth in such issues to $358.8 billion in the third quarter of 2023,

according to a Fitch Ratings report published in November 2023.

Saudi Sukuk issuances account for 69.4% of the GCC market and 23.4% of the US dollar-

denominated global ESG Sukuk market, the report added.

Saudi Arabia registered Sukuk issuances worth $12.3 billion for the third quarter of 2023,

down by 2.1% on a quarter-on-quarter basis.

Forbes ranking

Makarem Sobhi Batterjee, Middle East Healthcare's president and vice chairman, ranks 8th

on the Forbes Middle East Top 100 Healthcare Leaders 2023 list.

https://www.forbesmiddleeast.com/money/markets/saudi-arabias-middle-east-helathcare-company-commences-sale-of-riyal-denominated-sukuk-at-72 2/3