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UAE’s Gulf Islamic Investments grabs unnamed Saudi asset manager: Shariah-compliant global investment firm Gulf Islamic Investments (GII) has acquired an unnamed licensed investment and asset management firm in Saudi Arabia as it looks to expand its presence in the Kingdom, it said in a post on Linkedin yesterday. No further details were provided on the target company or the stake that GII has acquired.
The rationale: The acquisition paves the way for GII to expand its services in Saudi Arabia to include corporate finance advisory, investment fund management and private equity, according to the statement.
Not its first venture in KSA: The company’s existing investments in Saudi include a SAR 600 mn (AED 587.6 mn) “significant” stake in leading Saudi healthcare provider Abdeel Medical Company (Abeer) earlier this year. It also grabbed a majority stake in Saudi’s biggest dental and dermatology clinics Al Meswak Dental Clinics in 2022 from privately-owned investment bank Jadwa Investment in a transaction valued at USD 600 mn.
More to come: GII is in the process of finalizing acquisitions in the Saudi food processing sector, it said in a statement picked up by Zawya yesterday. No further details were disclosed.
OTHER M&A NEWS-
An unnamed Emirati company has submitted a bid for a 40% stake in Egyptian state-owned Misr Life Ins., an Egyptian government official reportedly told Arab World Press. The official didn’t disclose who made the offer or how the value of the expected acquisition.
The details: The Emirati company is looking to initially snap a 20% stake in the Misr Ins.Holding subsidiary, before upping its stake to 40% after a year, the source said. The company has finished reviewing the ins. company’s files and has requested certain amendments. The Sovereign Fund of Egypt (SFE) — which currently fully owns Misr Ins. Holding — wants to keep a controlling stake in the subsidiary, the source added.
