GII’s client network includes UHNWIs, family offices, banks, institutions, and sovereign wealth funds in the GCC and Asia. Image Credit: Supplied

Dubai: The Dubai-based asset manager Gulf Islamic Investments (GII) has announced a substantial expansion of operations in Saudi Arabia by acquiring a full investment license from Saudi Capital Market Authority (CMA). The firm also plans to open a GII office in Riyadh later this year.

“GII’s undoubted talent for spotting investment opportunities can increase the returns for our current shareholders and new partners through our expanded Saudi operations,” said Fawaz Al Tamimi, Chairman of the GII office in Saudi Arabia.

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With over $3.5 billion of assets under management, GII already has several investments within the Kingdom. The investment firm recently acquired a majority share in Al Meswak Medical Group, a prominent dental and dermatology clinic chain in Saudi Arabia, worth $600 million.

Mohammed Alhassan, GII’s Co-founder and Co-CEO, said, “GII’s Saudi investment operations support the Financial Sector Development Plan of Saudi Arabia’s Vision 2030 to diversify the nation’s alternative asset management options, plus other development initiatives by acquisitions and co-investments with Saudi and other investors”.