GII secures investment licence in Saudi Arabia

The Saudi Capital Market Authority (CMA) has awarded an investment licence to Gulf Islamic Investments (GII), the UAE-based shariah-compliant asset manager.

The firm is looking to expand its presence in Saudi Arabia and is set to open an office in Riyadh later in the year.

It has also invested US$600 million in dental and dermatology clinic operator Al Meswak Medical Group as part of co-investment with Saudi-based asset manager Jadwa Investment Management.

The licence award was welcomed by Fawaz Al Tamimi, who has been appointed as chairman of the GII office in Saudi Arabia.

It was also heralded by GII co-founder and co-CEO Pankaj Gupta, who said the investment licence and a physical presence in Riyadh “can supercharge our operations across the kingdom and beyond”.

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