UAE-based leading financial services company Gulf Islamic Investments (GII) has closed a $530 million deal to buy a 51 percent stake in Saudi Arabia’s largest provider of dental and dermatology care, Almeswak Dental Clinics.
The company said in a statement that it plans to list the Saudi healthcare company in the next three years. GII bought the majority stake in Almeswak from Saudi-based private equity firm Jadwa Investment.
GII is a full-service Shariah-compliant financial services company that builds growth partnerships with its stakeholders. The company is regulated by the Emirates Securities and Commodities Authority (ESCA).
“This is a landmark transaction that reflects our capability and reaches in the healthcare sector and the Saudi market,” GII co-founder Mr. Mohammed Al Hassan said in the statement, adding that they’re aiming to list Almeswak on the Saudi stock exchange within the next two to three years.
Almeswak operates more than 80 centers across 20 cities in Saudi Arabia. It provides distinguished, preventive, and discriminatory services for oral and dental health in high quality, using the best established and internationally recognized standards.
According to the statement, “The sale underscores the growing appeal of healthcare assets in the Gulf where the domestic medical sector has been booming in recent years thanks to an improvement in incomes and as governments invest in medical infrastructure for their citizens.”
Last year, GII acquired an office tower in Paris for $300 million, as part of its plan to grow its real estate investments across Europe. The transaction marks GII’s first acquisition in Paris.