Saudi-based fund manager Jadwa Investment has sold its stake in a chain of local dental clinics to a new fund which it will run alongside fellow Saudi firm Gulf Islamic Investments (GII).
The business, Al Meswak, is the largest dental and dermatology care provider in the kingdom and is valued at more than US$530 million.
The majority stake was originally owned by the Jadwa Healthcare Opportunities Fund 3 but will now be owned by both GII and the newly launched Jadwa Healthcare Opportunities Fund 5.
Jadwa made its initial investment back in 2017. Since then it has seen it has more than doubled the number of clinics it operates, from 30 to 80, while the number of cities in which it operates has gone from five to 20.
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 to work together towards listing Al Meswak on Tadawul within the next two to three years.”
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