In a strategic move to bolster the healthcare infrastructure within the Kingdom of Saudi Arabia, Gulf Islamic Investments (GII) has sealed a deal to purchase a noteworthy portion of equity in Abeer Medical Company (Abeer). This investment, estimated at SAR 600 million, positions GII as a significant player in the region’s healthcare sector.
GII, renowned for its adherence to Shari’ah-compliant investment practices and managing assets worth approximately US$4 billion, has pinpointed Abeer as an essential ally in expanding its healthcare investments within the Kingdom. GII’s healthcare assets in Saudi Arabia, including the majority stake in AlMeswak Dental Clinics, now total around SAR 1.6 billion. The firm plans to augment Abeer’s network by increasing the number of medical facilities and introducing new brands, thereby broadening the range and reach of healthcare services to the nation’s populace and visitors.
Mohammed Alhassan, GII’s co-founder and co-CEO, expressed his enthusiasm about the expansion of their healthcare portfolio in Saudi Arabia, which is part of the company’s broader strategy to enhance its operations within the Kingdom. Alhassan emphasized that the partnership is set to propel Abeer’s growth, reaching new cities and market segments, under the adept leadership of Abeer’s founder Mohammed Alungal and his team of dedicated professionals.
Abeer’s President & CEO, Mohammed Alungal, spoke about the investment’s impact on the company’s progress. With the infusion of GII’s capital, Abeer aims to fortify its network that currently includes 14 medical centers and two general hospitals with clinics, through organic growth, acquisitions, and the establishment of new healthcare facilities. Alungal highlighted the significance of this development in the context of Abeer’s 25th anniversary and the group’s ongoing commitment to providing affordable quality healthcare.
Pankaj Gupta, another co-founder and co-CEO of GII, noted Abeer’s appeal to the firm’s investors, citing its robust growth potential across various healthcare channels. Gupta outlined GII’s development plans that are projected to substantially increase Abeer’s revenue and EBITDA figures in the next five years. This expansion is anticipated to not only enhance the medical services in the Kingdom but also to yield an attractive return for the investors.
About Gulf Islamic Investments
Gulf Islamic Investments Group (GII) is a preeminent Shari’ah-compliant global alternative investment company. Boasting over $4 billion in assets under management, GII is dedicated to delivering superior and sustainable returns, creating long-term value for its investors. The company is committed to innovation with a purpose, striving to sustain the ecosystems in which it operates.
With a firm leadership and support from distinguished shareholders in the Arabian Gulf, GII effectively allocates private capital across a myriad of alternative asset classes, including real estate, private equity, and venture capital. GII serves a diverse clientele comprising UHNWIs, family offices, institutions, and sovereign wealth funds in the GCC and Asia. The company’s head office is situated in the United Arab Emirates, under the regulatory oversight of various financial authorities.