UAE’s Gulf Islamic Investments grabs Saudi asset manager: UAE’s Gulf IslamicInvestments (GII) has acquired an a licensed investment and asset management firm in Saudi as it looks to expand its presence here, it said in a post on Linkedin yesterday. No further details were provided on the target company or the stake that the GII has acquired.

The rationale: The acquisition paves the way for the GII to expand its services here to include corporate finance advisory, investment fund management and private equity, according to the statement.

Not the GII’s first venture here: Its existing investments here include a SAR 600 mn “significant” stake in leading local healthcare provider Abdeel Medical Company (Abeer) earlier this year. It also grabbed a majority stake in the Kingdom’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 local food processing sector, it said in a statement picked up by Zawya yesterday. No further details were disclosed.

About GII: Itis a licensed Shariah compliant global investment firm with over USD 4.5 bn ofassets under management. It pours capital in real estate, venture capital and private equity among others.

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