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Gulf Islamic Investments Group (GII), a Shariah-compliant alternative investment company in Dubai, has acquired a minority stake in Saudi Arabia’s Abeer Medical Company for $160 million.
According to a Bloomberg report, the investment will help GII with its expansion into new markets, while also complementing Saudi’s plan to attract more private sector money into the industry as part of its Vision 2030 strategy.
The 25-year-old Abeer Medical Company currently operates close to 50 healthcare facilities in the kingdom and wider Gulf region, including hospitals, pharmacies, and clinics.
According to Bloomberg, GII plans to invest about $1 billion over the next 12 months in the US, India, and the Gulf.
(Writing by Bindu Rai, editing by Seban Scaria)
