Dubai: Dubai-based GII will acquire a ‘significant’ stake in the Saudi affordable health provider Abeer Medical Company, as it steps up investments in the Kingdom. The investment value is estimated at SR600 million.
This will lead to Abeer adding more hospitals and clinics apart from rolling out of additional brands to widen its ‘scope and geographical footprint’ in the Kingdom. Currently, Abeer operates 14 medical centers and two hospitals.
“GII’s investment will enable us to boost Abeer Medical Company’s network with a blend of organic growth acquisitions and investment in new healthcare facilities,” said Mohammed Alhassan, the GII co-founder and co-CEO Mohammed Alhassan.
“This is a very exciting development for healthcare landscape in Saudi Arabia (as) Abeer will continue to pioneer its commitment to providing affordable quality healthcare.”
This is the second big deal GII has landed in Saudi Arabia in the healthcare sector. The earlier one saw Saudi firm Jadwa selling its majority stake in Al Meswak Dental Clinic to GII (or Gulf Islamic Investments) and Jadwa Healthcare Opportunities Fund 5. That deal valued Al Meswak at $530 million.
Al Meswak, the largest dental and dermatology services provider in the Kingdom, operates over 80 facilities in 20 Saudi cities, with 700 plus doctors and 450,000 patients treated annually.
GII, with $4 billion as assets under management, has healthcare assets in Saudi worth some SR1.6 billion.