Dubai-based private equity firm Gulf Islamic Investments (GII) is aiming to triple assets under management to $10bn by the end of the decade, as it seeks to scale up amid intensifying competition from global and regional buyout firms active in the Middle East, according to a report by Bloomberg.
The shariah-compliant alternative asset manager, which has deployed more than $1bn over the past four years, is exploring options to raise up to $400m in the near term through a combination of new capital commitments and the issuance of Islamic debt, according to co-founder Mohammed Alhassan. The firm is also evaluating inorganic growth opportunities, including the potential acquisition of a rival financial services business, and has held preliminary discussions with a regional Islamic mortgage provider.
Founded in 2014 by Alhassan and Pankaj Gupta, GII has grown from an initial capital base of around $5m into one of the region’s most active homegrown private equity firms. Its investor base is made up of a mix of institutional and high-net-worth capital, with the majority of limited partners based in the Gulf. Backers include the Saudi Al Nahdi and Al Tamimi merchant families, SNB Capital and Sharjah’s investment authority Shurooq.
GII’s strategy centres on private equity, real estate, private credit and structured debt investments, with the firm typically co-investing between 20% and 30% of equity alongside its clients. The group operates across the region’s key financial hubs in Abu Dhabi, Dubai and Riyadh, positioning itself as a local partner for international investors seeking access to regional deal flow.
The firm’s growth ambitions come as the Middle East has become an increasingly competitive private equity market, with global managers such as KKR, Permira and Brookfield expanding their presence. At the same time, regional firms including Gulf Capital, Affirma Capital and Fajr Capital continue to compete for large-scale transactions, particularly in Saudi Arabia and the UAE, where deal sizes have increasingly exceeded $500m despite broader global uncertainty.
GII has already partnered with several global investors, including Brookfield, which acquired a controlling stake in the firm’s logistics business. The firm also participated in a Brookfield-led consortium investment in the region’s largest education operator. Other notable transactions include the acquisition of a digital trade bank from Mubadala Investment Company and a majority stake in Saudi Arabia’s largest dental and dermatology care provider.
Looking ahead, GII is pursuing a minority investment of around $180m in Middle East packaging group Hotpack and plans to launch a $250m private debt fund focused on Saudi Arabia. The firm expects to announce two to three transactions in the first quarter of 2026.
Beyond the Gulf, GII holds a majority stake in UK-based shariah-compliant finance platform Offa and is preparing an exit from an Indian pharmaceutical investment, targeted for completion in early 2026. The firm is also considering a potential IPO by the end of the decade as part of its longer-term growth strategy.
As it expands internationally, GII said partnerships with established global managers will be critical to entering new markets, underscoring its ambition to position itself as a leading regional alternative asset manager with global reach.
