CEO John Ireland on Amanat Holdings’ Dhs1.5bn healthcare and education growth plan
Amanat Holdings is preparing to deploy Dhs1.5bn across healthcare and education over the next three years — without, its CEO insists, tying that capital to a fixed formula
02 September, 2026
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Amanat Holdings (Amanat) has a firm number in mind — Dhs1.5bn to deploy over the next three years — but, pointedly, no fixed formula for spending it. The Dubai-listed investment company, one of the largest dedicated healthcare and education platforms in the GCC, is refusing to pre-divide that capital between organic expansion, greenfield projects and acquisitions. “We want to ensure that capital follows opportunity rather than being constrained by a predetermined allocation,” says CEO John Ireland.
That flexibility is the thread running through Amanat’s next chapter. The group is scaling two core platforms, Cambridge Health Group, now wholly owned and on a path from 715 beds towards more than 1,000, and its listed education arm Almasar, which served close to 28,900 students and beneficiaries in the first half of 2026 while eyeing selective acquisitions across the region and beyond. It does so from a position of unusual financial strength: around Dhs1.4bn in cash as of March 2026, and gearing of just 10 per cent.
Here, Ireland talks to Gulf Business about where the strongest growth lies across GCC healthcare and education, how Amanat intends to avoid overpaying as competition for quality assets intensifies, and why the group is confident it can fund an ambitious investment programme while sustaining its new dividend — all held to the discipline of a minimum 10 per cent return on equity.
Amanat plans to deploy Dhs1.5bn over the next three years. How much will be allocated to organic expansion, greenfield projects and acquisitions, and how will the programme be financed?
Over the next three years, Amanat is targeting the deployment of approximately Dhs1.5bn. We do not intend to set fixed allocations between organic expansion, greenfield developments and acquisitions. We want to retain the flexibility to direct capital towards the opportunities that offer the strongest strategic fit, attractive returns and the greatest potential to create long-term value.
In healthcare, this includes expanding our existing businesses, developing new facilities and services, and pursuing selective acquisitions. Cambridge Health Group, for example, is progressing a new 155-bed integrated post-acute care facility in Riyadh and a 70-bed expansion of its Jeddah hospital, alongside ongoing capacity and service enhancements across the UAE and Saudi Arabia.
In education, we will continue to support Almasar’s growth, including the expansion of its existing businesses, capacity and service offering, while pursuing opportunities where it can leverage its established capabilities and market positions.
The programme will be funded through a combination of internal cash resources, cash generated by the businesses, capital recycling and, where appropriate, debt financing. We have a strong balance sheet and are open to all forms of financing where the terms are appropriate and where additional capital allows us to pursue attractive opportunities.
Our approach is deliberately flexible: we want to ensure that capital follows opportunity rather than being constrained by a predetermined allocation. This allows us to respond to market opportunities as they arise while maintaining the financial discipline that underpins our strategy.
Which GCC markets and healthcare or education segments offer the strongest growth opportunities, and what criteria will determine where Amanat invests first?
We continue to see significant opportunities across the GCC in both healthcare and education, particularly in segments where demand is growing, and there remains a gap between the services available and the needs of the communities we serve.
In healthcare, we see strong opportunities in post-acute care, rehabilitation, long-term care and complementary services such as surgical capabilities and home healthcare. We also see significant potential in specialist areas such as dementia, mental health and neurological care, where demand is growing and specialist provision remains relatively underdeveloped across the region.
In education, we see attractive opportunities across higher education, Special Needs Education and Care and selected K-12 opportunities, supported by favourable demographics and increasing demand for high-quality education.
The UAE and Saudi Arabia will remain our core markets, where we have established businesses, strong market positions and deep operating expertise. At the same time, we will remain open to opportunities across the wider GCC and selectively in international markets where they complement our existing businesses and capabilities.
Ultimately, our investment decisions will be guided by strategic fit, market fundamentals, our ability to execute, expected returns, cash generation and risk. Our target of achieving a return on equity of at least 10 per cent provides an important financial discipline to our capital allocation.
We are not looking to invest simply because a market is growing. We want to invest where Amanat has a clear right to win and where our capital and operating expertise can create sustainable long-term value for shareholders.
What expansion plans do you have for Cambridge Health Group and Almasar Education, and what revenue, capacity or geographic targets have you set for each platform?
Cambridge Health Group currently has 715 beds across six facilities in the GCC, with a clear pathway to more than 1,000 beds. Our confidence in the business is reflected in the recent acquisition of the remaining minority interest, bringing Amanat’s ownership to 100 per cent.
We are continuing to expand Cambridge through new facilities, capacity expansions and complementary services. This includes the development of a new 155-bed integrated post-acute care facility in Riyadh, the 70-bed expansion of our Jeddah hospital, and ongoing capacity and service enhancements across the UAE and Saudi Arabia.
We also see opportunities to broaden Cambridge’s specialist offering, including rehabilitation, home healthcare, surgical services and other areas of complex care, as well as through selective acquisitions.
Almasar is Amanat’s listed education subsidiary, and we are very supportive of its continued growth. It served approximately 28,900 students and beneficiaries in H1 2026, representing 21 per cent year-on-year growth, and continues to expand across higher education and special needs education and care. We see opportunities to continue expanding capacity, enhancing its offering and entering attractive adjacent areas where it can leverage its existing capabilities.
For both businesses, our focus is on sustainable and profitable growth rather than growth for its own sake. We will continue to invest where we see strong demand, attractive returns and a clear ability to build on the market positions and capabilities we have established.
What acquisition opportunities are you considering, and how will you avoid overpaying for assets as competition for high-quality healthcare and education businesses increases?
We are evaluating a strong pipeline of selective acquisition opportunities across healthcare and education, both in the GCC and internationally. Our focus is on businesses that complement our existing capabilities, strengthen our market positions, add specialist expertise or provide access to attractive new growth opportunities.
Our approach to acquisitions is disciplined and highly selective. Every opportunity is assessed against a combination of strategic and financial criteria, including strategic fit, market fundamentals, expected returns, cash generation, operational capability and execution risk. The target of achieving a return on equity of at least 10 per cent provides an important discipline to our capital allocation decisions.
We also look carefully at where we can add value following an acquisition. Our track record of acquiring, developing and scaling businesses such as Cambridge Health Group and Middlesex University Dubai gives us confidence in our ability to identify businesses where our capital and operating expertise can accelerate growth and enhance performance.
Competition for high-quality assets is healthy, but we will remain disciplined on valuation. We are not seeking to win transactions at any price; we are seeking to invest in businesses where we believe we can generate attractive returns and create sustainable long-term value for our shareholders.
Amanat has introduced a three-year dividend policy targeting minimum annual distributions of 7 fils per share. How confident are you that the company can maintain those payments while funding its Dhs1.5bn investment programme?
We are confident that Amanat can deliver both continued growth and sustainable shareholder returns. The Board’s decision to introduce a three-year dividend policy targeting a minimum annual distribution of 7 fils per share or 7 per cent of issued share capital reflects our confidence in the strength of our businesses, cash generation and balance sheet. The policy remains subject to financial performance, cash flow generation and the required approvals.
We enter this next phase from a position of financial strength, following a period in which we have actively optimised our portfolio and generated significant cash proceeds. As of March this year, we had approximately Dhs1.4bn in cash, Dhs0.8bn in net cash and gearing of only 10 per cent, providing us with significant financial flexibility.
Our Dhs1.5bn investment programme will be funded through a combination of internal cash resources, cash generated by the businesses, capital recycling and, where appropriate, financing. We are open to all forms of financing and will select the most appropriate structure for each investment, while maintaining a strong and efficient balance sheet.
Importantly, our dividend policy has been designed alongside our growth strategy, not at its expense. We believe our strong businesses, balance sheet and disciplined capital allocation provide us with the flexibility to continue investing in attractive growth opportunities while delivering a sustainable return to shareholders.
Ultimately, our objective is to grow Amanat, improve our returns on capital and provide shareholders with a sustainable and growing value proposition over the long term.
Amanat is targeting a return on equity of at least 10 per cent. What operational and financial changes are needed to reach that level, and what are the main risks that could prevent the company from meeting its target?
Our target of achieving a return on equity of at least 10 per cent will be driven by a combination of profitable growth, operational excellence and disciplined capital allocation.
We have a strong track record of acquiring, developing and scaling market-leading businesses, and our focus now is on continuing to grow our existing healthcare and education businesses, increasing capacity, introducing complementary and higher-value services and maintaining operational excellence across the Group.
ROE is also a key metric in how we assess our investment opportunities. Every investment is evaluated against defined financial and strategic criteria, including expected returns, strategic fit, market fundamentals, execution risk and cash generation. This ensures that the Dhs1.5bn investment programme is focused on the quality of capital deployed, rather than simply the amount deployed.
The main risks are execution-related, including acquisitions taking longer to integrate, new facilities ramping up more slowly than expected, or investments not delivering the expected returns. Our disciplined investment process, strong balance sheet and operating experience are important safeguards against these risks.
Ultimately, growth alone is not enough. Our objective is to deliver profitable growth, achieve operational excellence, improve returns on the capital we deploy and create sustainable long-term value for our shareholders.




















