GEMS Education JV completes $800m deal
GEMS Education KSA announced the completion of the $800 million acquisition of Ma’arif Education and Training Company. Ma’arif private schools, established in 1971 in Saudi Arabia, has more than 13 campuses across the kingdom and more than 20,000 students enrolled.
Saad Alfadly, chairman of GEMS Education KSA, said that we look forward to working with teachers, students and parents who are currently enrolled in Ma’arif schools and we are excited about welcoming new families.
He added, “We are confident that combining the experience, reputation and track record of Ma’arif and GEMS Education will ensure that our schools remain leaders in academic excellence and the development of our students.”
Dr Mohamed Al-Arfaj, CEO, Maarif Education, added: “We are excited about this partnership, as it is unprecedented in the region, to contribute to raising the quality of education within the kingdom, and raise the share of Ma’arif for education in the private education sector in the kingdom. We look forward to many successes ahead.”
GEMS Education’s JV with Hassana Investment Company, a Saudi asset management firm that is part of the General Organization for Social Insurance, was first announced in October on the sidelines of the Future Investment Initiative (FII) conference in Dubai.
The $800 million deal aims to build a network of new schools for 130,000 students across the kingdom, creating around 16,000 new jobs, 40 percent of whom are expected to be Saudi nationals.
Source: Arabian Business
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