Gulf Islamic Investments (GII) has signed agreements to acquire a significant equity stake in Abeer Medical Company (Abeer), the largest affordable healthcare services provider in Saudi Arabia.
The deal, valued at an estimated $159 million (SAR 600 million), boosts GII’s Saudi healthcare portfolio, which already includes a majority stake in the AlMeswak chain of dental and dermatological clinics.
According to the statement, “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.”
Mohammed Alhassan Co-founder and Co-CEO GII
“We are delighted to increase 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 Mr. Mohammed Alungal, and his dedicated team of 2,000 staff.”
Mr. Mohammed Alungal, Abeer’s President and CEO, stated that, “GII’s investment will enable us to boost Abeer Medical Company’s network of 14 medical centers 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 the 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.”
Mr. Pankaj Gupta, GII Co-founder and Co-CEO, suggested that, “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.”
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