Gulf Islamic Investments strengthens its presence in the Kingdom of Saudi Arabia through its acquisition of a CMA-licensed financial company
• The granting of a fully-fledged investment licence in The Kingdom creates new opportunities for GII to expand its stakes in leading Saudi Arabian companies, and to open exciting investment partnerships through its new office in Riyadh
6 July 2023, Dubai: Gulf Islamic Investments (GII) expanded its operations in Saudi Arabia substantially in 2023 with the acquisition of a full investment licence from the Saudi Capital Market Authority (CMA) and the planned opening of a GII office in Riyadh this year.
A leading Shari’ah-compliant global alternative investment company with over US$3.5 billion of assets under management (AUM), GII already has several investments within the Kingdom. In May 2022, GII took a majority share in the Al Meswak Medical Group for US$600 million. co-partnering the giant Saudi Jadwa Investment management and advisory firm. Al Meswak has the largest chain of dental and dermatology clinics in Saudi Arabia, comprising over 90 facilities in more than 37 Saudi cities, plus the recent acquisition of two dental clinics in Abu Dhabi’s Al Ain region in the UAE.
Fawaz Al Tamimi, Chairman of the GII office in Saudi Arabia, said, “I am delighted that GII has been successful in its bid to play a stronger role in The Kingdom’s impressive investment story. Combining my experience on the GII Board and knowledge of Saudi Arabia’s business landscape with GII’s undoubted talent for spotting investment opportunities can increase the returns for our current shareholders and new partners through our expanded Saudi operations”.
Mohammed Alhassan, GII’s co-founder and co-CEO, commented, “This new investment licence underlines our willingness to expand our existing relationships in The Kingdom. GII’s Saudi investment operations support the Financial Sector Development Plan of Saudi Arabia’s Vision 2030 to diversify the nation’s alternative asset management options, plus other development initiatives by acquisitions and co-investments with Saudi and other investors”.
Fellow GII co-founder and co-CEO Pankaj Gupta added, “GII has already recognised the plethora of opportunities in Saudi Arabia, boosting its existing operations in the agribusiness, healthcare, education and logistics sectors. This investment licence and a physical presence in Riyadh can supercharge our operations across The Kingdom and beyond, powered by GII’s network of investment relationships and its international offices across the GCC, Europe, the USA and India”.