The Gulf Islamic Investment Company acquired a stake in Saudi company “Al-Abeer”

The Gulf Islamic Investment Company has signed an agreement to acquire a large ownership stake in Abeer Medical Company, the largest provider of affordable healthcare services in Saudi Arabia, in a deal valued at 600 million Saudi riyals. The Gulf Company, a global company operating in the field of alternative investments, in accordance with Islamic law, announced the agreement.

It manages assets worth 4 billion dollars， select Al-Abeer as a strategic partner to expand its healthcare assets in Saudi Arabia, which is currently estimated at about 1.6 billion Saudi riyals and includes a majority stake in Al-Miswak dental clinics, the largest network of dental and dermatology clinics in Saudi Arabia. Through its partnership with Al-Abeer, Gulf intends to increase the number of hospitals and clinics under its control in Saudi Arabia, as well as launch new brands to expand Al-Abeer’s reach and healthcare services provided to the residents and visitors of Saudi Arabia.

Mohammed Alhassan, co-founder and CEO of Gulf Company, expressed his happiness about the increase in their healthcare services portfolio in Saudi Arabia as part of the company’s broader strategy to expand. Through their partnership, Al-Abeer will be able to achieve their aspirations of reaching more cities and sectors, led by their founder Mohammed Alonjal and his team of 2,000 employees.

Alonjal, Chairman of the Board and CEO of Al Abir, said: “The investment by Gulf Company opens up new opportunities for us to expand our private healthcare network, which currently consists of 14 medical centers and two general hospitals, along with their clinics. This will be achieved through acquiring naturally growing businesses and investing in new healthcare facilities. This investment represents a significant step in Al Abir’s journey to strengthen its position in the healthcare sector, and it will continue its commitment to providing high-quality services at reasonable prices.” This announcement comes as Al Abir celebrates its 25th anniversary this year.

Bankaj Jubta, co-founder and CEO of Al-Khaleej company, said, “Al-Abeir has strong growth potential through a variety of healthcare channels, making it an attractive investment destination for Al-Khaleej investors. The development plans set by Al-Khaleej aim to double Al-Abeir’s revenues and substantial profits over the next five years, which will lead to the expansion of available medical services throughout Saudi Arabia and provide an attractive return to our investors.”