UAE-based Gulf Islamic Investments (GII) has expanded its operations to Saudi Arabia after making an acquisition.
The alternative investment manager has bought an unnamed but licensed entity.
These regulatory licenses will enable GII to serve as a trading principle, agent and underwriter as well as an investment fund manager and financial adviser.
GII secures investment licence in Saudi Arabia
Consequently, the firm’s operations in Saudi Arabia will include corporate finance advisory, investment fund and asset management, private equity and structured finance.
GII, which has US$4.5 billion in assets under management, has a number of investments in Saudi Arabia.
These include a majority stake in Al Meswak Dental Clinics, a share in Abeer Medical Company and a nearly completed acquisition of a food processing company.
According to GII co-founder and co-CEO Mohammed Alhassan, the acquisition “supercharges GII’s plans to boost its operations in the kingdom”.