RIYADH: Dubai-based Gulf Islamic Investments has stepped into the Saudi market by acquiring a majority stake in the Kingdom’s largest dental and dermatology care provider Almeswak Dental Clinics for $530 million. “The GII has bought the 51 percent stake owned by private equity firm Jadwa Investment Co. in Almeswak Dental Clinics for $530 million. This is a landmark transaction that reflects our capability and reach in the healthcare sector and the Saudi market,” Mohammed Al-Hassan, co-founder and co-CEO of GII, told Arab News. Almeswak has more than 80 clinics across 20 cities in the Kingdom and more than 700 doctors serving 450,000 patients annually. This transaction reflects the growing trend in the Gulf Cooperation Council to acquire private companies specialized in healthcare and medical services. GII has a strong healthcare portfolio, comprising investments in care homes in Germany and private hospitals, pharmaceutical and diagnostic reagent manufacturers in India. This acquisition builds upon GII’s strong presence in the Gulf region, where many of its investors are based. The company, which has an investment portfolio of more than $3 billion in assets under management, continues to aggressively pursue new growth investment opportunities in the GCC as well as overseas. Importance of Saudi market “Of course, the rationale behind this acquisition is that we believe today that entering the Saudi market is crucial. We think healthcare is the best window to enter the Saudi market,” Al-Hassan explained. The top executive stressed that the other reason behind this acquisition is that dental and healthcare or dental and dermatology have huge potential. “There’s a big room for it to grow,” he added. Al-Hassan assured that his company is constantly exploring the possibility of acquiring more firms in the future. He added: “We will continue expanding to other territories and within Saudi Arabia. We’d like to increase our dermatology business. Plus, we are looking for other acquisitions in the GCC and Egypt. Therefore, we’re trying to diversify our presence to increase the value and revenues.” Al-Hassan said GII is considering listing Almeswak on the Saudi Stock Exchange in two to three years. He indicated that his company had been approached by several firms recently. “The largest investment banks have approached us in the region, where they show their interest, and we are considering these offers,” he informed. Al-Hassan believed that Saudi Arabia is a very crucial market for GII. “More than 45 percent of the shareholders are from Saudi Arabia, and more than 50 percent of our clients are also from the Kingdom,” he said. He said that GII has high regard for Saudi Vision 2030 as this would improve the investment climate in the Kingdom. “I think with the Vision 2030 strategy, the GII can be placed very well there as an asset manager or investment company.” GII is also considering growing even further in the Saudi market, and it is in the process of getting Capital Market Authority approval for opening an office in Saudi Arabia.