UAE-based Gulf Islamic Investments, GII, is planning to expand into Saudi Arabia with a deal to buy a stake in a Saudi healthcare company.
GII Ventures into Saudi Arabia
The deal will be sealed for around $600 million, co-founder Mohammed Alhassan told Bloomberg in an interview.
Medical care seems to be very profitable these days due to the pandemic, Alhassan commented: “We go where the money is and where the deals are. We have a lot of faith in Saudi.”
The firm has allocated around $1billion for the expansion into KSA over the next year to 18 months, eyeing investments in logistics and cloud kitchens.
Recently, the privately held Shariah-compliant company has announced a joint venture with Germany’s Capital Bay Group for an “initial” 500 million fund exclusively for senior living-related property investments in Europe.
GII company is also seeking investment expansion in India.
