Dubai: Aster DM Healthcare, one of the leading integrated healthcare providers in the UAE and GCC, has today announced a strategic partnership with Emirates Development Bank (EDB), the key financial engine of economic development and industrial advancement in the UAE, to secure AED265m in financing, with provision for additional upsizing to support further projects. The financing will be directed towards the development of two major multi-specialty hospitals in Dubai, as an effort to meet the rising demand for quality healthcare services among UAE’s growing population.

The agreement was signed by Dr. Azad Moopen, Founder Chairman of Aster DM Healthcare and H.E Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, in the presence of Alisha Moopen, Iqbal Khan and senior officials from both organisations.

Currently, Aster DM Healthcare in the UAE has a strong network of 10 hospitals with around 920 bed-capacity under the Aster and Medcare brands, 113 clinics and 298 pharmacies, along with a workforce of 2,036 doctors and 4,063 nurses and healthcare professionals, serving millions of patients each year. The new facilities will add more than 250 beds and enabling treatment for over 560,000 patients annually. Once operational, the hospitals will collectively be home to over 675 doctors, nurses, and allied health professionals, contributing significantly to the local healthcare workforce and service capability.

Emirates Development Bank is the UAE’s development bank and a key financial engine driving economic growth and industrial advancement. Its mandate focuses on five priority sectors: manufacturing, advanced technology, food security, healthcare, and renewable energy. By providing patient capital, innovative financing and non-financing solutions, and strategic partnerships, the Bank supports national diversification efforts, strengthens the private sector, and accelerates industrial transformation. Its impact is reflected in stronger local industries, new jobs, higher GDP contribution, and greater economic self-reliance.

The support to Aster follows its strong developmental impact in the UAE. Aster’s GCC business continues to build momentum across all verticals – hospitals, clinics, and pharmacies - driven by operational excellence, strategic investments, and growing demand for quality care across the UAE and the wider region. The growth acceleration follows Fajr Capital led consortium of investors acquiring 65% stake in Aster’s GCC business in 2024, while the Moopen family continues to operate and manage the business.

H.E Ahmed Mohamed Al Naqbi, Chief Executive Officer, Emirates Development Bank said: “Healthcare is a mission-critical pillar of the UAE’s future. By empowering leading partners like Aster DM Healthcare to grow, we help unlock broader economic value for the nation. This partnership expands access to quality care, builds national capabilities, and strengthens the UAE’s economic resilience and competitiveness.”

Alisha Moopen, Managing Director and Group CEO, Aster DM Healthcare, commented “Aster DM Healthcare’s ongoing growth strategy for UAE is in alignment with the Dubai Economic Agenda D33 which aims to establish Dubai and UAE as a global leader in healthcare. The partnership with Emirates Development Bank represents a significant milestone in Aster’s Dubai journey which will enable us to accelerate the expansion of high-quality, multi-specialty care in the UAE – bringing world-class healthcare closer to the communities we serve.”

Iqbal Khan, Chief Executive Officer, Fajr Capital and Board Member, Aster DM Healthcare, added, “Our partnership with Aster is driven by a shared ambition to build a regional healthcare champion that is rooted in the GCC and dedicated to delivering accessible, high-quality care across the region. Today’s announcement marks another important milestone toward that goal – reflecting both Aster’s strong operational fundamentals and the long-term growth potential of the UAE’s healthcare sector. We are grateful to Emirates Development Bank for their partnership and, together, look forward to supporting Aster’s next phase of expansion as it continues to deliver healthcare impact at scale.”

The partnership with Emirates Development Bank represents a key step in advancing Aster’s UAE expansion strategy. The financing will support Aster’s vision to bring world-class healthcare closer to communities while contributing to the nation’s goals of strengthening healthcare access, innovation, and employment. The new hospitals are expected to commence construction in 2026, with phased commissioning thereafter.

With this expansion, Aster reaffirms its long-standing commitment to the UAE’s healthcare vision–to provide accessible, compassionate, and world-class care to every patient.