Gems Education, the UAE’s largest private school operator, said it exercised an option under an existing partnership to acquire an initial 50 per cent stake in four schools in Egypt, which it has been managing since last year.
The stake option is part of the company’s 50:50 joint venture with Egypt’s biggest listed investment bank EFG Hermes, which was announced in May. “We are committed to growth in the Egyptian market under terms set out in our joint venture with EFG Hermes, and look forward to building on our partnership,” said Dino Varkey, chief executive of Gems Education, in a statement on Monday.
The JV is part of plans by the two entities to tap into the Middle East and North Africa’s largest education market, which has more than 20 million students enrolled.
Under the arrangement, the parties plan to acquire more than 30 schools across Egypt. They aim is to invest $300 million in the sector over three years under EFG Hermes’ Egypt Education Fund, which closed its first round totalling $119m on Sunday.
This fundraising round exceeded initial target pledges ranging between $50m and $100m, EFG said. The fund aims to achieve an internal return of 25 per cent, and is targeting investors from the Arabian Gulf and Egypt to participate in the venture.
“In line with our first close for the Egypt Education Fund at $119m, this exercise of Gems’ call option sets the right structure in place for our future partnership,” Karim Moussa, head of asset management and private equity at EFG Hermes, said on Monday.
“With private equity activity in Egypt ebbing over the last few years, the fund’s success underscores our commitment to support Egypt’s recovery after a period of subdued investment activity.”
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Read more:
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Gems and Saudi firm to invest up to $800m in kingdom's education sector
Egyptian reforms are driving uptick in foreign investment, minister says
IMF’s Lagarde: Egyptian economy showing 'strong' signs of recovery
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Egypt, the Arab world’s most populous nation with nearly 100 million people, is becoming more attractive to investors as the country undertakes economic reforms and courts foreign investors who left after the 2011 political uprising.
The country's share of global foreign direct investment has risen 15 per cent in the past year since the reforms came in, and the number of new private sector businesses has increased 29 per cent year to date, Egypt's Minister for Investment and International Co-operation, Sahar Nasr, told The National this month.
The four schools in which Gems will acquire a stake are national and British curriculum schools, including the British International School Madinaty, two branches of Madinaty Integrated Language Schools and The British School Al Rehab.
The investment involves a phased roll-out plan over a five-year period catering for up to 40,000 students, Gems said.
The education provider owns and operates 49 schools with a combined 124,000 students across Mena. It continues to enter new markets and expand in existing ones - most recently deepening its operations in Saudi Arabia through a partnership with Hassana Investment company, part of the General Organisation for Social Insurance, signed in October.
The two parties agreed to invest up to $800m over the next decade to acquire and develop schools in the kingdom, with places for up to 130,000 students. The deal also includes the upgrading of existing schools and construction of new facilities.
In Saudi Arabia, the total number of students is forecast to grow at an annual rate of 3.5 per cent to 11 million by 2020 from an estimated 9.2 million in 2015, according to a 2016 report from Dubai-based investment bank Alpen Capital.
“Our international expansion comes close on the heels of our consolidation within the UAE market which has been our home base for over six decades,” Mr Varkey said in the statement on Monday.
Killing of Qassem Suleimani
Sting & Shaggy
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What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
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He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Company%20profile
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Results
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,000m, Winner: Hazeem Al Raed, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Handicap (PA) Dh 85,000 (D) 1,000m, Winner: Ghazwan Al Khalediah, Hugo Lebouc, Helal Al Alawi
6pm: Maiden (PA) Dh 70,000 (D) 1,400m, Winner: Dinar Al Khalediah, Patrick Cosgrave, Helal Al Alawi.
6.30pm: Handicap (TB) Dh 70,000 (D) 1,600m, Winner: Faith And Fortune, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Maiden (PA) Dh 70,000 (D) 1,600m, Winner: Only Smoke, Bernardo Pinheiro, Abdallah Al Hammadi.
7.30pm: Handicap (PA) Dh 70,000 (D) 1,600m, Winner: AF Ramz, Saif Al Balushi, Khalifa Al Neyadi.
8pm: Maiden (PA) Dh 70,000 (D) 2,000m, Winner: AF Mass, Tadhg O’Shea, Ernst Oertel.
