Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
All positions
Thumbay Group
On thesisPrivate Hospitals·Specialty Consumer & Industrial·Control Buyout·Invested 2022·15% stake
Position
Mark1.28x
Gross IRR11%
Invested$55M
LatestNo recent touchpoints recorded.
Next board:2026-05-15
Ownership + team
15% stake · 2 board seatsCommon equity · control-buyout minority
UAE private hospital network · 1.28x mark · medical education + hospital JV model · UAE + GCC expansion · medical tourism recovery accelerating
Ask about Thumbay Group · pulls from SharePoint memos + Snowflake fund DB + firm memory
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Financial profileLatest as of 2026-03-31
Revenue$285MLTM Q1 2026 · +18% YoY
EBITDA margin19%Hospital + university combined
MOIC1.28x$0.45B entry → $0.58B mark
Hospital facilities22UAE, Oman, Bahrain
Three-way benchmark
Revenuemeasured in $M
Actual
Thesis target
VCP plan
Peer median
Performance update
Revenue $285M LTM · +18% YoY · medical tourism volumes up 32% driving premium service revenue
Oncology and cardiac premium centres opened Q3 2025 · AED 22M incremental revenue in first 6 months
Bahrain franchise hospital opened January 2026 · 120-bed · ahead of plan by one quarter
Gulf Medical University enrolment 4,200 students · +8% YoY · Indian and Arab diaspora demand