The Gulf Islamic Investment Company, renowned for its leadership in Islamic Sharia-compliant alternative investments, has recently announced a significant deal. They have acquired a stake valued at 600 million Saudi riyals in Abeer Medical Company (Abeer), the largest provider of affordable healthcare services in Saudi Arabia.
With assets totaling $4 billion, the Gulf Islamic Investment Company is a global leader in the field of Islamic Sharia-compliant investments. Their strategic decision to partner with Al-Abeer Company, as reported by Al-Anba daily, highlights the importance of this collaboration.
The primary objective of this move is to expand the healthcare assets of the Gulf Islamic Investment Company in Saudi Arabia. Currently estimated at around 1.6 billion Saudi riyals, these assets include a majority stake in Al-Miswak Clinics Dentistry, the largest network of dental and dermatology clinics in the Kingdom.
This partnership with Al-Abeer Company is expected to facilitate the growth of hospitals and clinics in Saudi Arabia. It will introduce new brands and enhance healthcare services for both residents and visitors to the country.
Mohammed Al-Hassan, the co-founder and CEO of Gulf Islamic Investment (GII), expressed his pleasure in augmenting their healthcare services portfolio in the Kingdom. He emphasized that the partnership with Al-Abeer Company will 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, this collaboration will bring about new possibilities for the expansion of Al-Abeer Company’s medical care network. Al-Abeer currently operates 14 medical centers, two general hospitals, and various clinics.
Alungal emphasized that this investment by the Gulf Islamic Investment Company marks a crucial step in solidifying Al-Abeer’s position as a leading healthcare company in Saudi Arabia. This year, the company is celebrating its 25th anniversary, and this partnership will further strengthen its growth trajectory.
Pankaj Gupta, the Co-Founder and CEO of Gulf Islamic Investment (GII), highlighted the robust growth potential of Al-Abeer through its diverse healthcare channels. This makes 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. This will contribute to the expansion of medical services across Saudi Arabia while providing an attractive return for investors.
In conclusion, the Gulf Islamic Investment Company’s acquisition of a significant ownership stake in Abeer Medical Company demonstrates their commitment to expanding their healthcare assets in Saudi Arabia. This strategic move will not only benefit both companies involved but also enhance healthcare services for the people of Saudi Arabia. With the expertise and resources of the Gulf Islamic Investment Company, Al-Abeer Company is well-positioned to achieve its growth objectives and solidify its position as a leading healthcare provider in the Kingdom.
Source: TimesKuwait
