GII Invests $160 Million in Saudi's Abeer Hospital Chain
Gulf Islamic Investments LLC. has injected $160 million into Saudi Arabia's Abeer Medical Company, marking the latest investment in the Kingdom's healthcare sector to attract increased private sector funding. GII, the Dubai-based company, has secured a minority interest in Abeer, with plans to support its expansion into new cities, as disclosed in a statement. Abeer currently manages approximately 50 healthcare facilities, comprising hospitals, pharmacies, and clinics across Saudi Arabia and the Gulf region.
Increased investment is flowing into Saudi Arabia's healthcare sector as part of the country's initiative to enhance private-sector involvement in the industry. This has led to a surge in activities, including initial public offerings and private equity transactions. In the previous year, generic drug manufacturer Jamjoom Pharmaceuticals Factory Co. successfully raised $335 million through an IPO, witnessing a subsequent doubling of its shares.
Gulf Islamic Investments LLC (GII), managing around $4 billion in assets, completed a $600 million deal in 2021 to acquire a 70 percent majority stake in Almeswak Dental Clinics, the largest provider of dental and dermatology care in Saudi Arabia. GII has outlined plans to invest approximately $1 billion in the coming 12 months, targeting the United States, India, and the Gulf region.