What Estithmar Holding does

Estithmar Holding Q.P.S.C. is a publicly listed Qatari holding company on the Qatar Stock Exchange (ticker: IGRD) that operates a diversified portfolio of 113 companies across 10 countries, organized into five business groups: Apex Health (eight hospitals, 2,800+ beds, 2.8 million annual patient visits across Qatar, Iraq, Libya, and other MENA markets), Elegancia Services (facilities management, catering, and PPP management of 14 public schools and 74 schools totaling 800,000+ sqm), Estithmar Ventures (real estate and destination developments including Al Maha Island, Lusail Winter Wonderland, and Rixos Baghdad), Elegancia Contracting & Industries (MEP, fit-out, steel, joinery, stone, marine, landscape, and industrial kitchens), and the newly established Estithmar Capital (financial investments, led by Group CEO Fadi Al Faqih). The company is controlled by the Al-Khayyat family through Power International Holding (PIH), with Moutaz Al Khayyat as Chairman and Ramz Al Khayyat as Vice Chairman/Group CEO of PIH; Basel Shaddad serves as Holding CEO.

Revenue is generated through multi-year B2B and B2G contracts across construction project delivery (one-time project-based), healthcare services (per-treatment professional services), facilities management and catering (managed services under PPP frameworks), hospitality and real estate (managed destination assets), and emerging financial investments. FY2025 revenue reached QAR 6.4 billion (+54% YoY) with net profit of QAR 938 million (+122% YoY), and Q1 2026 delivered QAR 1.455 billion revenue with QAR 333 million net profit (+97% YoY). Capital structure includes a QAR 3.4 billion sukuk program listed on the London Stock Exchange with QAR 905 million issued across four tranches; the company also announced plans for an Apex Health IPO with Rothschild & Co as advisor and acquisitions of 60% of Syria's Shahba Bank and 30% of Syrian International Islamic Bank.

The company serves enterprise and government clients including Ashghal (Public Works Authority of Qatar), the Ministry of Education Qatar, regional healthcare systems, and institutional investors across MENA and Central Asia. It holds ISO 45001, ISO 22000, and ISO 14001 certifications, aligns with GRI Standards and IFC Performance Standards, and was recognized as a Holistic Role Model by the Arab Hospitals Federation in 2025 and included in the FTSE Russell Global Equity Index in Qatar's Mid-Cap segment. No proprietary AI/ML or technology platform is disclosed; competitive positioning is built on scale, geographic distribution, government relationships, and integrated service delivery rather than technology differentiation.

Name

Estithmar Holding

Legal name

Estithmar Holding Q.P.S.C.

Website

https://estithmarholding.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Estithmar Holding is a publicly listed Qatari conglomerate operating 113 companies across 10 countries through five business groups: healthcare (Apex Health), facilities management and catering (Elegancia Services), specialized contracting, real estate and hospitality, and financial investments, serving government and enterprise clients across MENA.

Ownership category

akta.pro rank

Headquarters

HQ city

Lusail

HQ country

Qatar

HQ region

Middle East

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Specialized Contracting: Major revenue driver providing MEP, fit-out, steel, joinery, stone, marine, landscape, and kitchen services across construction projects in Qatar and internationally including Red Sea projects in Saudi Arabia, infrastructure projects in Syria, and Baghdad International Hospital in Iraq.
2. Healthcare Services: Apex Health subsidiary operates hospitals and healthcare facilities providing medical services. The group operates eight hospitals across four countries with over 2,800 beds and serves more than 2.8 million patient visits annually.
3. Services and Facilities Management: Elegancia Services provides catering, facilities management, and support services to government and corporate clients including management of 14 public schools under PPP framework.
4. Real Estate and Hospitality: Estithmar Ventures manages real estate developments, hospitality assets including hotels, resorts, and destination attractions such as Al Maha Island and Lusail Winter Wonderland.
5. Financial Investments: Estithmar Capital manages financial investments and portfolio diversification with Fadi Al Faqih appointed as Group CEO.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Estithmar Holding is a publicly listed Qatari holding company that owns and operates five business groups: Apex Health (hospitals and healthcare facilities), Elegancia Services (facilities management and catering), Estithmar Ventures (real estate and hospitality developments), Elegancia Contracting & Industries (MEP, fit-out, steel, joinery, stone, marine and industrial kitchen services), and Estithmar Capital (financial investments). The company delivers these services through 113 subsidiaries across 10 countries to enterprise, government, and institutional clients.

Product overview

Estithmar Holding is a Qatari publicly listed company operating as a diversified holding company with five core business groups: Apex Health (healthcare), Elegancia Services (services), Estithmar Ventures (real estate and hospitality), Elegancia Contracting & Industries (specialized contracting), and Estithmar Capital (financial investments). The company manages a portfolio of 113 subsidiary companies across 10 countries, with operations spanning healthcare facilities, facilities management, catering, MEP contracting, industrial services, and destination developments. The portfolio includes notable assets such as The View Hospital, Al Maha Island, and various international projects including the Red Sea developments in Saudi Arabia and infrastructure projects across Syria, Iraq, Algeria, and Libya.

Differentiator

Problem solved

Functional benefit

Brands

• Apex Health: Healthcare platform operating hospitals and medical facilities across MENA region, part of Estithmar Holding's healthcare business group.
• Elegancia Services
• Elegancia Contracting & Industries
• Estithmar Ventures
• Estithmar Capital
• Elegancia Arabia

Products and services

• Apex Health Healthcare subsidiary operating hospitals and medical facilities across the MENA region with eight hospitals across four countries, over 2,800 beds, and more than 2.8 million patient visits annually. Serves enterprise and government healthcare clients.
• Elegancia Services Services division providing facilities management, catering, and hospitality services across Qatar and the MENA region, serving government and enterprise clients including management of 14 public schools under PPP framework.
• Estithmar Ventures Real estate and hospitality development group creating vibrant destinations and properties across the region, including Al Maha Island and Lusail Winter Wonderland.
• Elegancia Contracting & Industries Specialized contracting and industrial services division offering MEP, fit-out, steel, joinery, stone works, marine works, and industrial kitchen solutions for construction projects across Qatar and internationally.
• Estithmar Capital Fifth group entity dedicated to managing financial investments and strengthening institutional governance under compliance and risk management frameworks, positioned to expand investment activities across the region.
• Elegancia Arabia Saudi-based subsidiaries delivering specialized contracting services including MEP, landscape, fit-out, industrial kitchens, and catering services across the Kingdom of Saudi Arabia.
• Elegancia Facilities Management - 14 Qatar Public Schools Facilities management services for 14 newly constructed public schools across Qatar under a Public-Private Partnership framework with the Public Works Authority (Ashghal), accommodating over 10,000 students and constructed using 3D printing and modular building techniques.
• Rixos Baghdad Hotel & Residences First branded luxury residential development in Baghdad, targeting affluent locals, Iraqi diaspora, and regional Gulf investors in Iraq's recovering property market, with premium properties at $5,000-$8,000 per square metre.
• The View Hospital Acute care hospital in Qatar established as a joint venture with Hamad Medical Corporation and Korean Medical Center, providing international-standard patient care.
• Baghdad International Hospital Major healthcare infrastructure project in Iraq developed as part of Estithmar's regional expansion in the healthcare sector.
• Estithmar Holding Supplier Portal Online portal enabling supplier registration, pre-qualification, request for quotation management, purchase order processing, and invoice submission for Estithmar Holding's supply chain operations.

Quantifiable outcome

• 122% year-over-year increase in net profit to QAR 938 million for FY 2025
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators12 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Kingdom Holding Company: Saudi diversified investment company with stakes across hospitality (Four Seasons, Accor), healthcare, and real estate. Comparable as a publicly traded GCC diversified holding with similar sector mix.
• Power International Holding: Parent conglomerate of the Al-Khayyat family operating across oil and gas, energy, contracting, real estate, healthcare, agriculture, hospitality, and entertainment. Most directly comparable as the same family's diversified Qatari platform with overlapping sectors.
• Al Habtoor Group: UAE-based diversified conglomerate with operations in construction, real estate, hospitality, automotive, and education. Comparable as a family-controlled GCC conglomerate spanning contracting and hospitality like Estithmar.
• Barwa Real Estate: Qatari publicly listed real estate developer with mixed-use, residential, and commercial developments. Comparable as a Doha-headquartered, QSE-listed real estate and hospitality-focused peer.
• UCC Holding: Qatari diversified conglomerate chaired by Moutaz Al Khayyat. Highly comparable as another Al-Khayyat family-controlled group with construction, energy, and infrastructure exposure across the same geographies.

Broad incumbents

• Aldar Properties: UAE-listed real estate developer with residential, commercial, hospitality, and education assets. Comparable as a regionally listed peer in the real estate/hospitality segment of Estithmar Ventures.
• Emaar Properties: UAE-listed real estate and hospitality giant operating malls, hotels, and residential developments across MENA. Comparable through Estithmar Ventures' hospitality/destination business, though much larger and broader in scope.

Emerging players

• IHH Healthcare: Malaysia-listed hospital operator with a major MENA footprint (Turkey, UAE). Comparable through Apex Health's hospital network, though smaller in scale; useful as a benchmark for healthcare-focused valuation.
• Dallah Healthcare: Saudi-listed hospital and healthcare operator. Comparable as a regional publicly traded hospital platform competing for similar GCC healthcare contracts and talent.

Regional players

• Consolidated Contractors International Co. (CCC): Greek-origin, MENA-headquartered EPC contractor operating across oil & gas, civil, and industrial projects in the Middle East. Comparable through Elegancia Contracting & Industries' specialized MEP and contracting work in the region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries7 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Estithmar Holding