Jadwa Investment sells its majority stake in Al Meswak Dental Clinics to Gulf Islamic Investments
Riyadh, Saudi Arabia — Jadwa Investment (“Jadwa”), a leading Middle Eastern investment management and advisory firm, and Gulf Islamic Investments LLC (“GII”), a leading private equity firm, US-based real estate and venture capital firm. United Arab Emirates, today announced that Jadwa Healthcare Opportunities Fund 3, a fund managed by Jadwa, has sold its majority stake in Al Meswak Dental Clinic (“Al Meswak”) to GII and Jadwa Healthcare Opportunities Fund 5, a newly trained run by Jadwa.
Fast growing and valued at over $530 million (SAR 2 billion), Al Meswak is the largest provider of dental and dermatology services in Saudi Arabia. Since Jadwa’s initial investment in the company in December 2017, Al Meswak has grown from 30 clinics in five cities to over 80 clinics in 20 cities and over 700 doctors serving 450,000 patients annually. This growth has been achieved through a combination of organic acquisitions and expansions, including the introduction of Al Meswak’s dermatology offering in 2020.
Commenting on the acquisition, Mohammed Al Hassan, co-CEO and co-founder of GII, said: “This is a landmark transaction that reflects our capability and reach in the healthcare sector and the Saudi market. We look forward to building a long-term partnership with Jadwa Investment and working together to list Al Meswak on Tadawul within the next two to three years. This reflects our growing commitment to this market, where we are currently evaluating several other opportunities. »
Pankaj Gupta, Co-CEO and Co-Founder of GII, added: “The Kingdom’s healthcare market is the largest in the Gulf region and provides us with attractive investment opportunities to expand our portfolio of assets. We also see significant potential in the rapidly growing Saudi logistics and financial services sectors. »
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, said: “Our success with Al Meswak demonstrates the strong fundamentals of the Saudi healthcare sector and our ability to create real value for our clients. We are excited to partner with GII in Al Meswak’s next stage of growth and jointly invest in the continued development of the dental and dermatology space in Saudi Arabia.
Saad Al-Saif, Head of Private Equity at Jadwa Investment, added: “This landmark transaction is a testament to Jadwa’s track record of investing in the healthcare sector and our approach to long-term value creation. During a four-year ownership period, we worked closely with Al Meswak to develop the company’s operations, expand its service offering and improve its corporate governance.
GII has a strong healthcare portfolio, including investments in retirement homes in Germany and private hospitals, manufacturers of pharmaceutical and diagnostic reagents in India. This acquisition builds on GII’s strong presence in the Gulf region, where many of its investors are based. The company, which has an investment portfolio of over USD 3 billion (SAR 11.25 billion) in assets under management, continues to actively pursue new growth investment opportunities in the GCC, as well as abroad.
Jadwa Investment is one of the leading private equity investors in Saudi Arabia and the wider region. The sale of Al Meswak marks the firm’s seventh private equity exit and brings its total private equity distributions to clients to SAR 6.5 billion.
About Jadwa Investment
Jadwa Investment is an investment management and advisory firm headquartered in Riyadh, with total client assets of over $18.5 billion (SAR 70 billion) in public equities, private equities, real estate, private credit, fixed income securities and money market investments. The firm’s clients include government-related entities, local and international institutional investors, family businesses and prominent local offices and high net worth individuals.
Jadwa Investment is licensed by the Capital Market Authority of Saudi Arabia (CMA) as a capital market institution, under registration number 6034/37.
Gulf Islamic Investments LLC (GII) is a leading private investment group based in the United Arab Emirates, with over USD 3 billion (SAR 11.25 billion) in assets under management. GII deploys private capital across various asset classes including real estate, private equity and venture capital. GII’s client network includes UHNWIs, family offices, banks, institutions and sovereign wealth funds in the GCC and Asia. GII is based in the United Arab Emirates and is regulated by the Securities and Commodities Authority (SCA).
For inquiries regarding Jadwa, please contact [email protected]
For questions regarding GII, please contact Suzanne Dagher, GII, at [email protected]
Group Account Manager, Financial and Professional Services
A Carlo Diaz
Account Manager, Financial and Professional Services