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The Audit Committee assists the Board in discharging its responsibilities relating to financial reporting, external and internal audits and controls, including reviewing and monitoring the integrity of the financial statements, reviewing and monitoring the extent of the non-audit work undertaken by external auditors, advising on the appointment of external auditors, overseeing the relationship with the external auditors, reviewing the effectiveness of the external audit process, and reviewing the effectiveness of the internal  control review function. The ultimate responsibility for reviewing and approving the annual report and accounts remains with the Board. The Audit Committee gives due consideration to the applicable laws and regulations of the UAE, the ADGM, the SCA and the ADX. The Audit Committee meets at least once every three months or as required.

The Nomination and Remuneration Committee assists the Board in setting and overseeing the nomination and remuneration policies in respect of the Board, any committees of the Board and senior management. In such capacity, it is responsible for evaluating the hiring of the Company’s executive management, evaluating the balance of skills, knowledge and experience of the Board and committees of the Board and, in particular, monitoring the independent status of the independent Directors. It is also responsible for periodically reviewing the Board’s structure and identifying, where relevant, potential independent candidates to be appointed as Directors or committee members as the need may arise. In addition, and subject to the Articles of Association, the Nomination and Remuneration Committee assists the Board in determining its responsibilities in relation to remuneration, including making recommendations to the Board on the Company’s policy on executive remuneration, setting the overarching principles, parameters and governance framework of the remuneration policy and determining the individual remuneration and benefits package of the senior management.

The Business Development and Sustainability Committee provides support and advice to the Board regarding business development plans, international expansion, and revenue growth. It also supports and advises the Board on marketing and positioning strategies, as well as ESG and sustainability strategies..

Burjeel Holdings is one of the leading regional private healthcare service providers in the UAE and Oman, operating as an integrated network across primary, secondary, tertiary and quaternary medical care services. It provides a comprehensive healthcare ecosystem to patients across the full socio-economic spectrum through its four key market leading brands, Burjeel, Medeor, LLH and Lifecare.

The Group consists of a fully-funded network of 16 hospitals, 23 medical centres (including polyclinics and specialty medical centres with dental, cosmetic, homecare services, a specialised orthopaedics centre and IVF centres) and 15 pharmacies, as well as seven entities conducting allied services such as central procurement (e.g., GPO), revenue cycle management, centralised diagnostics, central warehousing and patient valet parking services. Leveraging its clinical expertise and strengths in research and development, the Group will also provide medical education and research through its College of Medicine at Burjeel Medical City (BMC) , beginning in 2023.

Burjeel Holdings provides a comprehensive healthcare ecosystem to patients across the full socio-economic spectrum through its four key market leading brands, Burjeel, Medeor, LLH, Lifecare and Tajmeel.

Burjeel Holdings’ growth strategy is focused on a number of key areas:

• Ramping up of growth assets

The Group intends to increase patient volumes in its medium-growth and high-growth assets by increasing in-patient capacity utilisation, together with increased out-patient capacity utilisation offering a significant upside.

• Increasing patient yield

In addition to expanding the range of services provided at its medical facilities, the Group also intends to optimise the utilisation and revenue-generating capabilities of its existing services and facilities, thereby maximising patient yield. The Group will also continue to develop and enhance its complementary long-term care and rehabilitation services that are provided through Burjeel Darak and its central diagnostics and radiology services that are provided through Co-Lab.

• Operational excellence

The Group intends to continue to focus on enhancing its patients’ experience through the provision of personalised care underpinned by a strong digital backbone that optimises operational performance.The Group will continue to invest in its systems and controls, centralisation of services and upgrades of the digital capabilities to ensure that they drive best practice across its operations and support the continued delivery of high-quality services while also enhancing efficiencies and profitability.

• Geographic expansion

In addition to continued organic growth, over the next five years, the Group intends to expand its portfolio in the Middle East and Africa, and particularly the KSA, by entering into joint ventures, partnerships and similar arrangements with strong, local partners.

The Group has a track record of strong financial performance and consistent growth that has been driven by its ramp-up of assets launched in recent years and supported by its focus on treating a higher-end patient mix and cost optimisation.

For the years ended 31 December 2019, 2020 and 2021, the Group’s revenue was AED 2,420.5 million, AED 2,605.2 million and AED 3,351.0 million, respectively, representing a CAGR of 17.7 per cent. The growth in the Group’s revenue was organic and largely driven by the ramp-up of Burjeel Medical City (BMC), Burjeel Hospital, Abu Dhabi and Medeor Hospital, Abu Dhabi and supported by the focus on a higher-end patient mix, such as Thiqa patients at Burjeel facilities and middle-income patients at Medeor facilities.

For the years ended 31 December 2019, 2020 and 2021, the Group’s EBITDA was AED 417.9 million, AED 470.2 million and AED 779.1 million, respectively, representing a CAGR of 36.5 per cent.

For the six months ended 30 June 2022, the Group had revenue of AED 1,898.4 million, EBITDA of AED 414.2 million, and net profit of AED 152.9 million.

Burjeel Holdings has several competitive strengths that make it a compelling investment story, which are described in greater detail in the prospectus document, available on Burjeel Holdings’ IPO website.

Key Strengths

• Unique vision and strategy focused on quality and clinical excellence
• Large, attractive and resilient growth markets
• Leading healthcare services platform in the UAE with unmatched patient offering and diversification
• Highly scalable platform focused on operational excellence and sustainability
• Primed to deliver strong / predictable growth, recurring revenue and profitability

For further information and before making any investment decision, please read the Prospectus found on the IPO microsite including the “Investment Risks” section.

The Company’s ability to pay dividends is dependent on a number of factors and there is no assurance the company will be able to pay dividends or, if a dividend is paid, what the amount of such dividend will be.

Subject to the paragraph above, the Company intends to pay cash dividends from 2023 onwards, on the expected basis of a pay-out ratio of 40 to 70 per cent. of net income, dependent on required investment for additional growth plans. In the absence of any attractive investment opportunities that meet the Group’s investment criteria and return thresholds, the Group will distribute dividends at the upper end of the pay-out ratio range or potentially higher. The first interim dividend is expected to be paid in the second half of 2023 on the basis of net income for the first half of 2023. Any dividends are expected to be paid in cash. Please see the Prospectus for further detail.

The Company intends to use the net proceeds from the issue of the New Shares for general corporate purposes.

In addition, the Company intends to use a portion of the proceeds from the sale of the New Shares and approximately AED 247.0 million of the proceeds from the sale of the Sale Shares (which amount will be remitted by the Lead Receiving Bank to the Company on the Listing Date in settlement of the Selling Shareholder Payable) to pay certain of the Group’s outstanding indebtedness.

Any remaining net proceeds from the sale of the Sale Shares by the Selling Shareholder after the settlement of the Selling Shareholder Payable will be for the sole benefit of the Selling Shareholder. The Offering will provide the Selling Shareholder with an opportunity for a partial realisation of its shareholding in the Company.