Akdital Holding, Morocco’s largest private healthcare operator, is preparing to raise fresh capital from Gulf-based wealth managers, alongside a domestic bond issuance, to fund an ambitious $1.6 billion expansion into Saudi Arabia and the United Arab Emirates. The Casablanca-based group plans to open eight hospitals across the two countries by 2030, CEO Rochdi Talib told Bloomberg in a phone interview. In addition to the hospital projects, about $200 million will be allocated to diagnostic centers in the region.
While Talib didn’t specify all the targeted locations, he cited Mecca and Dubai as strategic priorities. This Gulf expansion marks a major leap for Akdital, which has rapidly grown its footprint in Morocco, buoyed by favorable regulatory reforms and a growing middle class in a country of 38 million. Since its IPO in 2022, which raised $112 million, Akdital has built a network of around 40 healthcare facilities spanning more than half of Morocco’s provinces.
The company’s international push began in July with a management contract for Al Mishari Hospital in Riyadh. Confronted with rising competition at home—particularly from other private clinics—Akdital has accelerated its regional strategy. Originally, the company planned to invest in diagnostic centers within Morocco, but resistance from local healthcare professionals prompted a pivot toward the Gulf, according to Talib.
Looking ahead, the company expects international markets to play a pivotal role in its growth. “By 2030, between 40% and 50% of our revenue will come from outside Morocco,” Talib projected.
Akdital’s real estate arm, Tazak, will play a critical role in financing the expansion. The subsidiary is tasked with raising approximately $700 million to acquire land and construct new hospitals both in the Gulf and in Morocco. Currently, Tazak holds about 2.5 billion dirhams (roughly $269 million) in assets, mainly consisting of Akdital-operated medical facilities.
To support the funding plan, several family offices from Morocco, Saudi Arabia, the UAE, and other Arab countries are expected to invest in Tazak’s healthcare real estate projects. The long-term objective is to convert Tazak into a real estate investment trust (REIT) and list it on the Casablanca Stock Exchange by 2027.
Akdital is also exploring private equity partnerships and additional bond issuances to complete the funding package. A domestic bond issue worth 800 million dirhams is scheduled for 2026. Earlier this year, the company raised 1.2 billion dirhams through a similar offering.
