Investment management and advisory firm Jadwa Investment has sold its majority stake in Saudi Arabia’s healthcare company Al Meswak to UAE-based Gulf Islamic Investments (GII). 

Valued at more than $530 million, Al Meswak is the largest dental and dermatology service provider in Saudi Arabia, with more than 80 clinics across 20 cities in its portfolio. 

The sale marks Jadwa Investment’s seventh private equity exit and brings its aggregate private equity distributions to clients to 6.5 billion riyals ($1.7 billion), the company said in a statement. 

Mohammed Al Hassan, Co-CEO and Co-Founder of GII said the company is “currently evaluating several other opportunities” and will work towards listing Al Meswak on the Saudi Stock Exchange (Tadawul) “within the next two to three years”. 

“The healthcare market in the kingdom is the largest in the Gulf region and offers attractive investment opportunities for us to expand our asset portfolio. We also see significant potential in the fast-growing Saudi logistics and financial services sectors,” said Pankaj Gupta, Co-CEO and Co-Founder of GII. 

GII has an investment portfolio of more than $3 billion in assets under management. 

 (Writing by Cleofe Maceda; editing by Seban Scaria )