SAUDI ARABIA – Al Meswak Dental Clinics (Al Meswak) has wrapped up its acquisition of two dental centres in Abu Dhabi, the United Arab Emirates.
Valued at over US$530 million (SAR 2 billion), Al Meswak is the largest dental and dermatology service provider in the Kingdom of Saudi Arabia.
The dental group, which runs over 90 facilities spread across more than 37 cities in Saudi Arabia, has taken over operational control of the Al Anees Dental Clinic in Al Ain, and the Al-Barazi Dental Center in Al Ain.
With the latest acquisition, Al Meswak has expanded its presence in the Middle East market in line with the company’s strategy to strengthen its ability to serve its customers in the Gulf Cooperation Council (GCC) countries.
Al Meswak is a leading chain of dental and dermatology clinics owned by Gulf Islamic Investments (GII), an asset management firm based in the United Arab Emirates, and Saudi Arabia’s Jadwa Investment Company (Jadwa).
This co-ownership agreement comes after GII acquired a majority stake in the Al Meswak Medical Group to co-partner Jadwa Investment, a premier investment management and advisory firm.
In May 2022, Jadwa Investment sold its majority stake of 51% in Al Meswak Dental Clinics to Gulf Islamic Investments for US$530 million.
The sale of Al Meswak marks the firm’s seventh private equity exit and brings its aggregate private equity distributions to clients to US$1.73 billion.
With financial backing from GII, a leading Shari’ah-compliant global alternative investment company with assets valued at over US$3 billion, Al Meswak plans to expand its operations in the UAE.
In his address, Mohammed Al Hassan, Chairman of the Al Meswak Board of Directors, GII’s Co-Founder and Co-CEO, commented: “This investment extends Al Meswak’s best-in-class services and expertise across GCC borders from the Kingdom of Saudi Arabia into Abu Dhabi.”
Al Meswak claimed that a leading Emirati banking group has provided a substantial financial acquisition facility to fuel its regional expansion.
Commenting on the regional expansion drive, Abdullah Al Keraidis, Chief Executive Officer (CEO) of Al Meswak, stated: “This expansion makes good business sense for our patients and operating model.”
Abdullah Al Keraidis, who heads a team of over 3,000 employees, outlined that Al Meswak’s network has extended across all major Saudi Arabian cities as inter-GCC travel and trade expands significantly.
“Our patients know that they will receive first-class dental care wherever they travel in the Kingdom of Saudi Arabia, and the Emirate of Abu Dhabi,” he reaffirmed to the clients.
He further lauded Gulf Islamic Investments, a financial services company regulated by the Emirates Securities and Commodities Authority (ESCA), for being a catalyst and active participant in the latest cooperative venture undertaken by Al Meswak.
“We are grateful to GII and Jadwa, who were quick to understand Al Meswak’s regional operating potential,” underscored Al Keraidis.
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