The Gulf Islamic Investment Company has inked a deal to acquire a significant ownership stake valued at 600 million Saudi riyals in Abeer Medical Company (Abeer), the largest provider of affordable healthcare services in Saudi Arabia.
Renowned as a global leader in Islamic Sharia-compliant alternative investments, managing assets totaling $4 billion, the Gulf Islamic Investment Company has chosen Al-Abeer Company as a key partner, reports Al-Anba daily.
This strategic move aims to expand the healthcare assets of the Gulf Islamic Investment Company in Saudi Arabia, currently estimated at around 1.6 billion Saudi riyals, inclusive of a majority stake in Al-Miswak Clinics Dentistry, the largest network of dental and dermatology clinics in the Kingdom.
The collaboration with Al-Abeer Company is anticipated to facilitate the growth of hospitals and clinics in Saudi Arabia, introducing new brands to enhance healthcare services for residents and visitors.
Expressing his initial thoughts on the agreement, Mohammed Al-Hassan, co-founder and CEO of Gulf Islamic Investment (GII), expressed pleasure in augmenting their healthcare services portfolio in the Kingdom.
Al-Hassan highlighted that the partnership with Al-Abeer Company would enable the latter to reach more cities and sectors, contributing to the broader expansion strategy in Saudi Arabia under the leadership of Al-Abeer’s founder, Muhammad Alungal, and his dedicated team of 2,000 employees.
Muhammad Alungal, Chairman of the Board of Directors and CEO of Al-Abeer Company, emphasized that the investment by the Gulf Islamic Investment Company opens up new possibilities for the expansion of Al-Abeer Company’s medical care network. This includes 14 medical centers, two general hospitals, and various clinics.
Alungal emphasized that this investment marks a crucial step in solidifying Al-Abeer’s position as a leading healthcare company in Saudi Arabia, celebrating its 25th anniversary this year.
Pankaj Gupta, Co-Founder and CEO of Gulf Islamic Investment (GII), highlighted Al Abeer’s robust growth potential through diverse healthcare channels, making it an attractive investment destination for GII investors.
The development plans crafted by the Gulf Islamic Investment Company aim to double Al-Abeer Company’s revenues and profits over the next five years, contributing to the expansion of medical services across Saudi Arabia and providing an attractive return for investors.
