UAE's GII acquires $160m stake in Saudi’s Abeer Medical Company

Shariah-compliant investment company Gulf Islamic Investments (GII) has acquired an equity stake worth $160 million in Saudi Arabia’s Abeer Medical Company.

Abeer is the largest affordable healthcare service provider in the kingdom, and operates 50 healthcare facilities including hospitals, pharmacies and clinics, in Saudi Arabia and the Gulf region. 

GII’s growth strategy for Abeer includes expanding its portfolio of hospitals and clinics, plus rolling out additional brands to widen the latter’s scope and geographical footprint, GII said in a statement. 

GII co-founder and co-CEO Mohammed Alhassan said that the partnership will accelerate Abeer’s growth trajectory to include new cities and segments. 

The deal will help boost GII’s Saudi healthcare portfolio, currently worth $160 million. Its overall assets under management currently total $4 billion.

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,” said Mohammed Alungal, Abeer’s president and CEO.