Skip to content Skip to Search
Skip navigation

Dubai’s GII invests $160m in Saudi medical group

Of GII's $4 billion assets under management, around $400 million is in the medical sector Unsplash/Hush Naiboo Jade Photography
Around $400 million of GII's $4 billion assets under management is in the medical sector
  • GII investing $160m in Abeer
  • Abeer operates 50 healthcare practices
  • GII has $400m invested in the sector

Sharia-compliant asset management group Gulf Islamic Investments (GII) has invested $160 million (SAR 600 million) in Saudi Arabia’s Abeer Medical Group.

Abeer is the largest affordable healthcare services provider in Saudi Arabia, operating 50 medical centres, clinics, hospitals, pharmacies, and optical centres across GCC countries and India.

GII co-founder and co-CEO Mohammed Alhassan said the Dubai company will help to expand Abeer’s network to new cities and segments, adding additional brands to the scope of services.

GII has $4 billion (SAR15 billion) of assets under management, of which healthcare accounts for $400 million (SAR1.6 billion).

In 2021 GII bought a majority stake in Almeswak Dental Clinics, Saudi Arabia’s largest dental and dermatology network, and plans to expand its healthcare portfolio in the kingdom.

Increasing private sector involvement

Saudi Arabia has opened the healthcare sector to foreign investors and operators as part of its Vision 2030 programme.

GII’s acquisition is part of the Saudi medical sector’s continuing growth. It is one of the few industries that have not been affected by economic fluctuations. 

With strong demographic growth, the kingdom will need nearly 100,000 healthcare beds by 2030.

It is moving towards encouraging more private sector participation, scaling its market share from 35-40 percent to 65 percent, according to experts from professional services company Colliers.

Companies in the healthcare sector have been seeking private investment. For example, generic drugmaker Jamjoom Pharmaceuticals raised $335 million in an IPO last year. 

Saudi Arabia’s Middle East Pharmaceutical Industries Company, known as Avalon Pharma, on Friday set the price for its planned IPO on the Saudi Exchange at SAR78–82 per share.

Latest articles

FILE PHOTO: United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi gestures during an interview with Reuters in Dubai, United Arab Emirates, June 30, 2022. REUTERS/Abdel Hadi Ramahi/File Photo

UAE and Kenya complete Cepa negotiations

The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […]

Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

The 450 companies operating at Dubai Science Park include AstraZeneca, and the free zone plans to add 200,000 sq ft of lab and office space

Dubai Science Park reveals expansion plans

Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI.  Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […]

A worker at a phosphate production plant in Metlaoui, Tunisia. Phosphate accounts for 15% of Tunisia's exports

Saudi Arabia loans $55m for Tunisian rail renewal

Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network.  The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […]