Gulf Islamic Investments (GII) has signed agreements to acquire a SR600 million ($160 million) worth equity stake in Abeer Medical Company (Abeer), the largest affordable healthcare services provider in the Kingdom of Saudi Arabia (KSA).

 

GII, a leading Shari’ah-compliant alternative investment company with $4 billion of assets under management (AUM), identified Abeer as a leading partner to expand GII’s healthcare assets in the kingdom – now worth some SR1.6 billion - including a majority stake in AlMeswak Dental Clinics, Saudi Arabia’s largest dental and dermatology network. 

 

GII’s growth strategy for Abeer includes expanding the number of hospitals and clinics in addition to the roll-out of additional brands to widen Abeer’s scope and geographical footprint of healthcare services to the kingdom’s residents and visitors.  

 

Wider expansion

GII co-founder and co-CEO Mohammed Alhassan commented: “We are increasing our healthcare portfolio in Saudi Arabia, which is part of a wider expansion of GII’s activities in the kingdom. Our partnership will accelerate Abeer’s growth trajectory to include new cities and segments, supporting the capable leadership of Abeer’s founder Mohammed Alungal and his dedicated team of 2,000 staff.” 

 

Mohammed Alungal, Abeer’s President & CEO, added: “GII’s investment will enable us to boost Abeer Medical Company’s network of 14 medical centres and two general hospitals – all with clinics – with a blend of organic growth acquisitions and investment in new healthcare facilities. This is a very exciting development for healthcare landscape in Saudi Arabia Abeer will continue to pioneer its commitment to providing Affordable Quality Healthcare as the group is celebrating its 25th anniversary this year.”

 

Pankaj Gupta, GII co-founder and co-CEO, said: “Abeer is highly attractive to GII’s investors, with strong growth potential through multiple healthcare channels. GII’s development plans can multi-fold Abeer’s already impressive revenue and EBITDA numbers over the next five years, bringing both an expansion of the medical services available across the kingdom and an attractive return for our investors.”--TradeArabia News Service