- Dubai-based Gulf Islamic Investments (GII) is set to acquire a 'significant' stake in the Saudi affordable health provider, Abeer Medical Company, marking a substantial investment of an estimated SR600 million. This move underscores GII's commitment to expanding its footprint in the Kingdom's healthcare sector. The partnership aims to fuel Abeer's growth by facilitating the addition of new hospitals, clinics, and brands, enhancing its scope and geographical presence. Currently, Abeer manages 14 medical centers and two hospitals.
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GII's co-founder and co-CEO, Mohammed Alhassan, expressed enthusiasm about the collaboration, highlighting the potential to strengthen Abeer's network through a combination of organic growth, strategic acquisitions, and investments in new healthcare facilities. This development is a significant stride in advancing affordable quality healthcare services in Saudi Arabia. Notably, this marks GII's second major healthcare deal in the Kingdom, following its earlier acquisition of a majority stake in Al Meswak Dental Clinic from Saudi firm Jadwa. The Al Meswak deal, valued at $530 million, solidified GII's presence in the Saudi healthcare landscape.
Why it matters
With $4 billion in assets under management, GII's healthcare assets in Saudi Arabia now total approximately SR1.6 billion, reflecting its robust investment strategy in the region.
