Gulf Islamic Investments, based in Dubai, has closed a $530 million deal to buy a stake in Saudi Arabia’s largest provider of dental and dermatology care, with plans to list the company within three years.
According to a statement, the investment firm GII purchased a majority stake in Almeswak Dental Clinics from Saudi-based private equity firm Jadwa Investment Co.
When contacted, a GII spokesperson confirmed that the company had purchased a 51 percent stake.
In November, Bloomberg News reported that GII was planning to buy a majority stake in the healthcare company for $600 million.
In a statement, GII co-founder Mohammed Al Hassan said, “This is a landmark transaction that reflects our capability and reaches in the healthcare sector and the Saudi market,” adding that they plan to list Almeswak on the Saudi stock exchange within the next two to three years.
According to the statement, Almeswak operates over 80 centers in 20 cities across Saudi Arabia. The sale highlights the growing appeal of healthcare assets in the Gulf, where the domestic medical sector has boomed in recent years as incomes have improved and governments have invested in medical infrastructure for their citizens.
According to the company’s website, Jadwa bought a stake in Almeswak in 2017.
