Sign in
Gulf Islamic Investments raises USD 100 mn for GCC expansion: Dubai-based, Shariah-compliant investment firm Gulf Islamic Investments (GII) completed a USD 100 mn capital increase, with the funds earmarked for expansion into Saudi Arabia and the GCC, specifically in private equity and private credit projects, according to a press release.
Who’s in? The round, which was oversubscribed, saw participation from Saudi Arabia-based Al Nahdi Family Office, and the Sharjah Investment and Development Authority (Shurooq), among others.
Background: We first got wind of a USD 100 mn fundraising in July that Bloomberg had reported will help GII expand its operations across the Mena region and India.
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.
OTHER INVESTMENT NEWS-
Toronto-based venture capital firm Raiven Capital tapped Maples Group to be its administrative fund services provider for its new DIFC-based VC fund, according to a press release (pdf). The fund’s target size is USD 125 mn, and it aims to invest in AI-based solutions, Internet of Things, and distributed ledger technology across several sectors.
