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Gulf Islamic Investment gets a boost from Saudi pharma giant: Dubai-based Shariah-compliant investment firm Gulf Islamic Investments (GII) raised USD 100 mn from Saudi investors to expand its operations across the Mena region and India, Bloomberg reports, citing an unnamed GII spokesperson. The funding was led by Saudi Arabia’s Al Nahdi Family Office through its flagship pharma group Al Nahdi Medical, who, along with other unnamed investors, will inject growth capital into the firm.
GII has a longstanding relationship with the Kingdom: Dubai’s GII has expanded its Saudi presence with a SAR 1 bn (USD 300 mn) logistics firm established in May, as well as acquisitions of an undisclosed licensed investment and asset management firm earlier this year, a SAR 600 mn (USD 160 mn) stake in Abdeel Medical Company, and a majority share of Al Meswak Dental Clinics for USD 600 mn in 2022.
More on GII: The firm specializes in real estate, private equity, and venture capital, managing assets worth USD 4.5 bn. Canada-based Brookfield Asset Management acquired a controlling interest in GII’s logistics division in April. GII set plans at the beginning of the year to spend around USD 1 bn throughout 2024 in the US, India and the GCC, Bloomberg reported previously.
More on Saudi’s Al Nahdi Medical: Saudi Arabia’s largest retail pharmacy chain — with operations in the UAE — listed on Saudi Arabia’s Tadawul in 2022 in one of the Kingdom’s biggest IPOs so far, raising USD 1.36 bn.
OTHER INVESTMENT NEWS-
KSH to invest in new USD 500 mn Egyptian development: UAE-based KSH — affiliated with the Private Department of Sheikh Mohammed Bin Khalid Al Nahyan — and Egypt’s Safwat Kaliouby Group (SKG) will develop a 20k sqm plot in Egypt’s Giza with EGP 24 bn (c. USD 500 mn) in investments, under a strategic partnership inked between the two sides according to a press release (pdf). The project will see the construction of three mixed-use towers and a five-star hotel over a four-year period.
