Al Meswak-signing - KSA-1652785912960
Al Meswak has grown from 30 clinics in five cities to more than 80 in 20 key Saudi cities. Image Credit: Supplied

Dubai: The Saudi investment firm Jadwa has sold its majority stake in Al Meswak Dental Clinic to Dubai-headquartered GII (Gulf Islamic Investments) and Jadwa Healthcare Opportunities Fund 5, a newly formed fund managed by Jadwa.

The deal values Al Meswak at $530 million. The operator is the largest dental and dermatology services provider in the Kingdom. Jadwa Investment had committed its initial funding in late 2017, and Al Meswak has since grown from 30 clinics in five cities to more than 80 in 20 Tier-1 and Tier-2 cities, with 700 plus doctors and 450,000 patients treated annually.

Jadwa had until now held its majority stake in the entity through the Jadwa Healthcare Opportunities Fund 3. The sale of Al Meswak marks the firm’s seventh private equity exit and with combined distributions to clients of SR6.5 billion.

According to Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, “Our success with Al Meswak demonstrates the strong fundamentals of the Saudi healthcare sector and our ability to create real value for our clients. We are pleased to partner with GII in Al Meswak’s next stage of growth, and to invest jointly in the continued development of the dental and dermatology space in Saudi Arabia.”

The GII portfolio
GII’s healthcare portfolio comprises investments in care homes in Germany and private hospitals, pharmaceutical and diagnostic reagent manufacturers in India. The company has more than $3 billion as assets under management.