Dubai’s GII invests $160 mln in Saudi Arabia’s Abeer hospital chain

Gulf Islamic Investments LLC. has invested $160 million in Saudi Arabia’s Abeer Medical Company, the latest health-care deal in the Kingdom as it looks to attract more private sector money into the industry.

GII, as the Dubai-based firm is known, has acquired a minority stake in Abeer and will help it expand into new cities, according to a statement.

Abeer operates about 50 health-care facilities including hospitals, pharmacies and clinics in Saudi Arabia and the Gulf region.

Healthcare businesses in Saudi Arabia have been attracting more investment as the Kingdom embarks on a plan to boost private-sector participation in the industry. That’s prompting a wave of activity including initial public offerings and private equity deals.

Generic drugmaker Jamjoom Pharmaceuticals Factory Co. raised $335 million in an initial public offering last year and its shares have since doubled. GII, which oversees around $4 billion in assets, concluded a $600 million deal in 2021 to acquire a 70 percent majority stake in Almeswak Dental Clinics, Saudi Arabia’s largest provider of dental and dermatology care.

GII is planning to invest about $1 billion over the next 12 months in the US, India, and the Gulf.