Al Nahdi Family Office Invests $100m in Dubai’s GII to Expand Private Equity Business

Jul 12, 2024 | News | 0 comments

Dubai-based Gulf Islamic Investments LLC has raised $100 million from investors including Saudi Arabia’s Al Nahdi Family Office to expand its private equity business across the Middle East and India.

The founders of Saudi Arabia’s largest pharmacy retail chain — Nahdi Medical Co. — will join other investors injecting growth capital, a spokesperson for GII said, without disclosing further details.

GII, which manages around $4.5 billion in assets, has been pursuing deals in the medical and logistics sectors across the kingdom and the broader Gulf region. 

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In January, it invested $160 million in Abeer Medical Company, a Saudi health-care provider. GII closed a $600 million deal in 2022 for a majority stake in Al Meswak Dental Clinics, one of the largest providers of dental and dermatology care in the kingdom. 

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The Shariah-compliant company also invests in alternative assets. Brookfield Asset Management Ltd. partnered with GII, among others, to buy into Dubai-based GEMS Education. The Canadian firm had acquired GII’s real estate unit earlier this year in a deal that marked Brookfield’s foray into the Middle East logistics space.

The Al Nahdi family listed their flagship Nahdi Medical in 2022, in one of Saudi Arabia’s largest initial public offerings to date. The pharmacy retail chain reported revenues of $2.3 billion last year. 

The family office invests across sectors including health care, education, clean energy and artificial intelligence, according to its website.

Source: BNN

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