Ahead of the upcoming Financial Investment Initiative (FII8) in Riyadh from October 29 to October 31, 2024, Gulf Islamic Investments (GII) has added $100 million in growth capital to its balance sheet from its leading shareholders and new investors. This capital will be used to develop private equity opportunities throughout the Kingdom of Saudi Arabia and the GCC.
The new, oversubscribed fundraising provides more growth capital for private credit and private equity (PE) projects that show promise throughout the GCC. The Al Nahdi family office, one of the biggest Saudi organizations, Shurooq (the Sharjah Investment and Development Authority), and current GII stakeholders were among the donors.
With more than US$4.5 billion in assets under management (AUM) and a reputation as a top Shariah-compliant global alternative investment group, GII has recently made two agreements with Brookfield Asset Management in the United Arab Emirates: the sale of GII’s UAE logistics network and the acquisition of GEMS Education in a Brookfield-led consortium. Additionally, GII acquired a major stake in the Abeer Medical Company, a logistics joint venture with Logipoint in Jeddah, a majority stake in Al Meswak Dental Clinics (the biggest chain of dental and dermatology centers in Saudi Arabia), and investments through its GreenCorp food production and food processing platform in Badia Farms and Emad Bakeries in Jeddah. Furthermore, GII manages two private equity funds in India and is looking into additional transactions in the Indian PE market.
Mohammed Alhassan, co-founder and co-CEO of GII Group, commented, “This additional capital raise strengthens our balance sheet further, on the back of GII’s existing investments in GCC healthcare, food production and logistics ventures. The new growth capital will support projects in the Kingdom under Vision 2023, adding further foreign direct investment (FDI) and creating additional jobs for Saudi citizens, and other GCC projects being developed currently.”
Pankaj Gupta, GII’s co-founder and co-CEO, added, “GII plans further expansion within the Arabian Gulf through acquisitions and co-investments with Saudi Arabia and other GCC investors. FII provides an important opportunity to discuss our business partnerships to invest in Saudi Arabia’s rapidly expanding economy, bringing attractive returns and definitive benefits for our investors and shareholders, and to discuss and develop regional investment projects.”
