A Dubai investment company is close to completing a $600 million deal to purchase a majority position in Saudi Arabia's leading dental and dermatological care provider.

The 70 percent investment controlled by private equity firm Jadwa Investment Co. in Almeswak Dental Clinics is expected to be purchased by Gulf Islamic Investments (GII), according to the persons, who asked not to be identified for information reasons of confidentiality.

United Eastern Medical Services, an Emirati health-care firm, controls the remaining shares.

Almeswak has 85 locations in Saudi Arabia, spread across 25 cities. Its purchase demonstrates the Gulf region's rising interest in health-care assets.

Investor interest in medical care has also increased as the world population ages and the industry has emerged as a haven for deal-makers during the coronavirus outbreak.

Shareholders of Almeswak hired investment bank EFG-Hermes Holding Co. to investigate various options, including a sale or IPO.

GII stated earlier in 2021 that it intends to expand in India and Saudi Arabia, where it plans to invest approximately $1 billion over the next 18 months in sectors ranging from health care to cloud kitchens.

GII is a privately held Shariah-compliant firm with over $2 billion in assets. Saudi Arabia accounts for more than half of its shareholders.