HEADLINES: • Royal Backed Burjeel Just Raised $500 Million in the First UAE Sukuk Since the Iran War • Uber Egypt Was Just Ordered to Pay EGP 10 Million to the Family of Habiba El Shamaa • BREAKING: Iraq Just Threatened to Leave OPEC Unless It Gets a Higher Production Quota Newsletter: https://aug.us/4jqModr WhatsApp: https://aug.us/40FdYLU Instagram: https://aug.us/4ihltzQ Tiktok: https://aug.us/4lnV0D8 Smashi Business Show (Mon-Friday): https://aug.us/3BTU2MY

Burjeel $500M Sukuk | Uber Egypt | Iraq vs OPEC

The Smashi Business Show

# Full Transcript

**Podcast:** The Smashi Business Show

## Transcript

Hello everyone and welcome to the Smashi Business Show. Today is Friday, June 26, 2026 and I'm Abdul Majid Awan. And I'm Ward Ahmed. We're going to be discussing how Burjeel has just raised its first Sukuk, Uber Egypt Habiba Al-Shama case. And we're going to go into how Iraq said that it might leave OPEC. I think that it's Friday. It's a very spicy morning today too.

But on a real note though, I think that to have a company, let alone a healthcare company based in Abu Dhabi, raise about like $500 million in Sukuk. I would say that we're still in the war period, Iran conflict period. We still can't call it post-war.

For them to do that and for them to have announced that they had shelved it earlier on in the year, in February, is a true, I think, signal of market resilience. Just to get into more details, the Baudoubi listed Burjeel Holdings has raised $500 million through the first UAE corporate bond or Sukuk issued since the Iran war disrupted regional debt markets.

The healthcare group's debut issuance marked the reopening of UAE corporate debt markets after months of geopolitical uncertainty. And the Sukuk attracted more than $1.6 billion in investor orders with supply more than three times. Burjeel tightened prices after strong appetite. And there was... Burjeel is such a big story that we don't even need to talk about it in terms of money.

The main idea is that Burjeel is big. IHC, Burj was telling me, is a part of it. It is, but just to like, I think, go into the story more here, it's that it's the fact that this is a company by an Indian expat. Yeah. Right? So it was founded in Baudoubi by Dr. Shem Sheer Vayalil in 2007.

And Burjeel essentially said that these proceedings will refinance existing debt while supporting research, clinical trials and expansion across the Gulf. The healthcare provider is continuing to grow its presence in Saudi Arabia alongside operations in the UAE and Oman. And the company is backed by an international holding company, as we said, which acquired a 15% stake before Burjeel's 2022 IPO.

IHC is led by, obviously, His Highness Sheikh Tanwan Bidzayan al-Nayan, the UAE National Security Advisor and Chairman of Abu Dhabi Investment Authority. He's the chairman of MGX. He's the chairman of literally a lot of nearly the $2 trillion of wealth that sits in Abu Dhabi.

Now, the deal also comes years after NMC Health collapsed following allegations by Muddy Waters that it overstated cash, understated debt and overpaid for assets. NMC later disclosed more than $4 billion in hidden borrowings, shaking the confidence that Gulf investors have in healthcare debt markets.

And correct me if I'm wrong, Magic, but I remember that EY was actually involved in this and that the healthcare company had actually turned around and sued them and said, this is your fault. You were auditing our numbers that you should have spotted this. So they were basically sor...

Burjeel $500M Sukuk | Uber Egypt | Iraq vs OPEC

Transcript

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Burjeel $500M Sukuk | Uber Egypt | Iraq vs OPEC

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.