[6][5] Aster DM Healthcare was founded in 1987 in Dubai, the United Arab Emirates, by Azad Moopen,[7] a doctor turned entrepreneur.

The new centre was officially inaugurated by the veteran Indian play back singer K. J. Yesudas and various guests from the Government of Sharjah and Ministry of Health.

Moopen told reporters in a press conference for the launch of the DM Healthcare Foundation Philippines Inc., which is providing free paediatric cardiac surgery to at least 50 Filipino children in two years.

[9] In December, they launched its fifth Access Clinic in Jebel Ali Free Zone, or Jafza South, aimed at catering to the day-to-day healthcare needs of the employees in the neighbourhood.

[10] In April 2014, the company announced the plans to establish help desks in Oman for 2 separate campuses of Aster Medcity, South Asia's largest quaternary care hospitals being set up in Kochi and Thiruvananthapuram in Kerala, India.

[7][31] In April 2024, A consortium of investors led by Fajr Capital acquired a 65% stake in Aster GCC, and the Moopen family retained 35%, along with management and operational rights.

However, they announced that Olympus Capital Holdings is now Aster DM Healthcare's largest external investor and that its nominees will join the company's board.

[35] In January 2024, group of investors lead by the sovereign-backed private equity firm Fajr Capital purchased a 65% share in Aster GCC.