Saudi Arabia witnessed a surge in technology investment during the recent LEAP 24 conference, attracting a total of $888 million in deals. This significant sum, reported by the state-owned Saudi Press Agency (SPA), is aimed at supporting innovation and tech entrepreneurship within the region.Venture capital funds and fresh funding for startups formed the core of these investments. Several notable examples include:InvestCorp: Launched a $500 million fund targeted towards supporting Saudi businesses in their growth stages.National Development Fund & Social Development Bank: Established a $40 million Gaming and Esports Investment Fund, managed by Impact46.Merak Capital: Established an $80 million fund to back game accelerators within the kingdom.Saudi Arabia's Takamol Holdings: Launched a $50 million fund to support early-stage firms.Plug and Play & X by Unifonic: Announced additional funds to support technology startups and business software services for young businesses.Beyond these funds, individual startups also secured significant investments:BRKZ: An international IT firm secured $8 million in a Series A round.Fanz: An AI-powered sports tech company bagged $1.5 million in pre-seed funding.Lawazem: An online B2B supplies player secured $8 million in funding.These investments illustrate Saudi Arabia's commitment to fostering a vibrant and dynamic technology ecosystem within the region.

Neo Capital, a leading global real estate investment management firm, announced today the appointment of Babak Sultani as its Chief Executive Officer (CEO). Babak will be based in Dubai, United Arab Emirates and takes up this role with immediate effect.In his new role, Babak will focus on strengthening Neo Capital’s position in the market, with the objective of growing the firm’s Assets Under Management (AUM) from approximately US $1 billion to US $3 billion in the medium term. He will spearhead efforts to expand the firm’s investor base in the GCC, as well as lead the acquisition and asset management activities; ensuring optimal performance and value creation for investors and shareholders.Babak Sultani brings over 20 years of real estate experience to Neo Capital. He joins from Investcorp, where he spent 15 years and held the role of Managing Director of the Real Estate Group. During his tenure, he played a crucial role in growing Investcorp's real estate AUM to over US $10 billion. Babak holds a Master’s Degree in Science in Accounting from the University of Texas at Arlington.Commenting on the appointment, Hani Obaid, Founder and Chairman of Neo Capital, said: "We are delighted to welcome Babak as our new CEO. His extensive experience in the real estate industry, combined with his strategic and leadership skills, will be instrumental in leading Neo Capital through its next phase of growth. Babak's appointment brings structure, focus, and a strong client-centric mindset to the role."Babak Sultani, Chief Executive Officer added, "I am excited to be joining Neo Capital at this time of its growth journey. The market timing is ideal and I see great potential in the firm. With a strong team already in place, I believe we have the expertise and skill set required to deliver on our strategic objectives and capture more opportunities while delivering value to our clients."Founded in 2015, having transacted approximately US $1 billion to date, Neo Capital has a strong track record of successful transactions across the US, Western Europe, and the UK. The latest addition to their portfolio is the acquisition of Liverpool’s Royal Albert Docks, a historical site and landmark attraction in the City of Liverpool, UK.

Investcorp, a leading global alternative investment firm, has announced the successful exit of its investment in the publicly listed Safari Industries, one of the largest luggage brands in India.Investcorp invested in Safari in February 2021. During Investcorp’s ownership period, Safari Industries successfully increased its production capacity and expanded its physical stores footprint in new and under-served markets in India. This transaction marks another significant milestone in Investcorp’s journey of partnering with companies demonstrating high-growth potential in India.Yusef Al Yusef, Head of Investcorp’s Private Wealth, said: “As we expand our investments across India and continuously review and strengthen our portfolio, Safari is another example of how we invest and accelerate the growth in companies with an exceptional market position, solid fundamentals and strong growth potential. This is our fourth exit in India in just a few years, highlighting how our approach of working side by side with ambitious companies to help them generate and realise value pays dividends for both the companies and our investors.”Gaurav Sharma, Partner & Head of India Investments at Investcorp, added: "It gives us immense pleasure to witness Safari Industries' transformation into a leading luggage brand in India. Millions have trusted and chosen Safari for their travel needs over the years. Collaborating with Sudhir Jatia’s visionary leadership and dedicated team has been a rewarding journey, and this partnership is a testament to Investcorp's commitment to investing in companies with strong growth potential. We are confident of their continued success in their next phase of growth”.Sudhir Jatia, Chief Executive and Managing Director, Safari Industries, said: “Working with Investcorp has been an incredible journey. Their partnership and unwavering support have been crucial in propelling Safari Industries to new heights, bringing both scale and success to our endeavors."This transaction marks Investcorp’s fourth exit in India over the past two and a half years, following the sale of ASG Eye Hospital, a leading eyecare hospital chain, InCred, a leading tech-enabled financing company and Bewakoof, a leading direct-to-consumer online apparel brand.In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business. In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail, SaaS, e-commerce, and technology sectors. Its investments over the last four years include V-Ensure, Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees, and Safari Industries.

Investcorp, a leading global alternative investment firm, today announced that it has led an investment of INR 545 Cores in Global Dental Services Limited (GDS), Asia’s largest dental chain and among the top 15 global Dental Services Organizations. Tybourne Capital, an Asia-based global growth investor and other new and existing shareholders are also investing alongside Investcorp in this INR 545 Crores financing in GDS. This marks Investcorp’s fourth healthcare investment in India and its first in the dental industry in the country.Founded in 2011 by its current CEO, Amarinder (Amar) Singh, the GDS group owns and operates 340 clinics across 24 cities and 12 states in India under the brand “Clove Dental”. Supported by 841 dentists (521 of whom hold advanced, MDS degrees) each Clove clinic provides full range of dental treatments in each of its locations. Organized in clusters of 15 to 30 clinics, each cluster has dedicated Implantologists, Orthodontists, Prosthodontists, Endodontists, Periodontists, Oral Surgeons, Pedodontists, and General Dentists, to ensure that each patient is always treated by the most qualified dentist. Computer Vision and AI-based software technologies ensure that every clinic is 100% hygienic and sterilized and all SOPs are adhered to at all times. Periodic quality audits by independent team of dentists ensure that there is never a compromise on treatment and infrastructure quality. Proprietary cloud-based Practice Management Software captures entire dental journey for each patient to ensure long-term effective care and health.Clove Dental also operates mobile dental clinics to provide dental care to the under-served communities. Clove “Heritage” (charitable) clinics, including the one inside Delhi’s Red Cross Hospital, offers highly subsidized treatments to the communities who need such care the most. Clove dentists lead over 500 dental awareness camps in local communities, each month, as part of its goal to provide the perfect and healthy smile for all 1.2 BN Indians.Recently, GDS Group has also launched a Direct to Consumer (D2C) brand called LoveMySmile (LMS), focused on smile correction products and solutions which include Aligners, Braces, and Teeth whitening solutions. LMS offers a Dentist-led unique solution for smile correction through a combination of D2C and in-clinic procedures that provides both convenience and high-quality outcomes to its customers.This investment will fund GDS’s expansion strategy which aims to increase its commercial presence while continuing to offer high-quality dental services in existing and adjacent markets as well as grow its hybrid model and products for smile correction. The investment illustrates Investcorp’s commitment to invest in market-leading business services, information technology and healthcare businesses in India and accelerate their expansion and competitive positioning globally.Gaurav Sharma, Head of Private Equity, India at Investcorp, said, “Today, the Indian dental services market is worth $3 billion. It is highly fragmented with large hospitals and dental chains accounting for under 10% of all practices, although this number is expected to double in the next five years. Investing in a single specialty segment, within healthcare, aligns well with our thesis of backing scaled and differentiated assets. In India, Clove Dental represents our fourth healthcare deal in the underpenetrated field of dental care that offers an attractive opportunity. With better hygiene and growing awareness about healthcare, patients are increasingly relying on organized chains for professional medical services. We look forward to this partnership and supporting the company in scaling its operations in India.”Investcorp has earlier concluded three healthcare deals in India: V-Ensure Pharma Technologies, Neprhoplus (a dialysis chain), and ASG Eye Hospitals, where Investcorp recently sold its entire stake to General Atlantic and Kedaara. Globally, Investcorp has invested in Acura, Germany’s second largest dental platform.Amar Singh, CEO of Global Dental Services Limited said, “Indians need oral healthcare infrastructure and our mission is to provide every citizen access to high-quality affordable dental care. Clove Dental’s 340 clinics across the country offer the most comprehensive range of Dental Care from restorative treatments like fillings and root canal to complex oral and maxillofacial surgery to the latest orthodontic and clear aligner treatment modules at affordable prices. The team of Dentists at Clove are highly qualified, and we offer continuous professional development and training on latest technological advancements in global dentistry. We are delighted to partner with Investcorp and Tybourne. This partnership will empower us to prepare to achieve our expansion goals, add latest technological equipment in our clinics, bring professional, ethical, and high-quality dentistry to many more Indian communities. The experienced teams and network of our new partners will enable us to significantly accelerate our growth. I am looking forward to our partnership with Investcorp.”In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business. In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, retail, SaaS, e-commerce, and technology sectors. Its investments over the last four years include V-Ensure, NDR Warehousing, Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees, and Safari Industries.