Olive Rock Partners takes majority stakes in two UAE-based dental chains

The private equity firm has closed three investments with its first fund

Demand for dentistry services is expected to rise in the UAE. Photo: Jeffrey E Biteng / The National

Olive Rock Partners, an independent private equity firm based in Abu Dhabi, said it acquired majority stakes in two UAE-based dental chains.

Olive Rock Partners invested in Dubai-based The Dental Studio and the Al Bustan Medical Centre in Abu Dhabi, in partnership with their respective managing doctors.

“Both platforms are leaders in their respective markets and are uniquely positioned for M&A expansion within complementary catchment areas within the United Arab Emirates,” said Abdullah Shahin, founding partner of Olive Rock.

“To add support to the growth of the platforms, we have onboarded international expertise to the company boards and operating committees,” said Mr Shahin.

TDS, which was established in 2004, operates five clinics across Dubai and Abu Dhabi-based Al Bustan has three clinics.

The deal comes as demand for dentistry services in Dubai alone is expected to surge 156 per cent by 2025, according to the Dubai Healthcare City Authority.

The dental market in Middle East and Africa is expected to grow to $3.49 billion by 2028 from $2.23bn in 2021, MarketResearch has said.

“We have been interested in and mapping the dental sector for a few years, and have been proactively seeking to invest in leading teams managing promising platforms, within regionally fragmented and high growth markets,” Muhannad Qubbaj, founding partner of Olive Rock, said.

Olive Rock, founded by Mr Qubbaj and Mr Shahin in 2020, invested in healthcare company UEMedical last year.

The company operates Danat Al Emarat Hospital, a specialist women's and children's hospital in the UAE capital, as well as the HealthPlus fertility and family health centres and the Moorfields Eye Hospital Centre Abu Dhabi — a joint venture with the London-based specialist Moorfields Eye Hospital NHS Foundation Trust.

Olive Rock was advised by Deloitte and Eversheds Sutherland’s UAE practice on both deals, the company said.