GEMS Education students attempt to set a world record for the Worlds Largest Human Waving Flag last year. The UAE's largest private school operator is expanding into Egypt. Chris Whiteoak / The National
GEMS Education students attempt to set a world record for the Worlds Largest Human Waving Flag last year. The UAE's largest private school operator is expanding into Egypt. Chris Whiteoak / The NationShow more

EFG and GEMS to invest $300m in education sector in Egypt



EFG Hermes, Egypt’s biggest investment bank and GEMS Education, the UAE's largest private school operator, expect to invest around $300 million in education in the North African country over five years, a bank official said.

The 50-50 joint venture is targeting an internal rate of return of 25 per cent per year, Karim Moussa, head of asset management and private equity at EFG Hermes told The National on Sunday. The investment bank, which will establish a fund managed by its private equity arm to finance the investments, is targeting existing and new investors, including those from the Arabian Gulf and Egypt to participate in the venture, he added.

“There is a strong need in Egypt to build and invest in the [education] sector, build new capacity and invest...to upgrade the quality and offering,” said Mr Moussa, who manages around $5 billion across private equity and the asset management business. “Today’s market in Egypt is very un-institutionalised and highly fragmented, owned usually by family businesses that have no previous knowledge in K12 education.”

There are more than 600,000 students that enter schools each year in Egypt, a market that has around 21 million enrolled students, 10 per cent of which are in private schools, he added. EFG will announce its first investment in the coming weeks, and aims to focus initially on acquisitions in Cairo and Alexandria.

GEMS, which counts US-based private equity firm Blackstone and Bahrain sovereign wealth fund Mumtalakat as stakeholders, declined to comment on the deal.

Egypt, the Arab world’s biggest education market and most populous nation with a population exceeding 90 million, is becoming attractive to investors as the country undertakes reforms and woos foreign investors who left in the wake of the 2011 political uprising. The North African country is targeting $10 billion in foreign investments in the fiscal year that ends next month, which it aims to increase by as much as 25 per cent in the following 12 months, Egypt’s finance minister Amr El Garhy told Bloomberg last month.

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EFG Hermes is investing in education as a third vertical in its private equity business, which currently has investments in renewables and healthcare, said Mr Moussa.

GEMS is expanding its remit into Egypt amid plans to boost its student numbers. It currently has 47 schools and almost 120,000 students as of February 28.

Last month the company said it's targeting higher average revenue per student and an increase in enrolment numbers in its 2018 financial year after posting a 5.2 per cent jump in the first-half earnings.

GEMS expects its full-year 2018 enrolment to increase 5.5 per cent year-on-year to 121,000, while average revenue per student is projected to climb by 4.5 per cent to $8,450.

The company signed a memorandum of understanding with Saudi Arabia’s Ministry of Education and Mohammed Alsubeaei & Sons Investments Company to explore expanding its network of schools further into the Kingdom.

Companies such as GEMS are benefiting from increased demand for schools as governments increase spending on education.

The total number of students in the GCC education sector is forecast to reach 15 million in 2020, rising at a compounded annual growth rate of 3.6 per cent from an estimated 12.6 million in 2015, according to a 2016 report from Dubai-based investment bank Alpen Capital.

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
WORLD CUP SEMI-FINALS

England v New Zealand

(Saturday, 12pm UAE)

Wales v South Africa

(Sunday, 12pm, UAE)

 

The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

China and the UAE agree comprehensive strategic partnership

China and the UAE forged even closer links between the two countries during the landmark state visit after finalising a ten-point agreement on a range of issues, from international affairs to the economy and trade and renewable energy.

1. Politics: The two countries agreed to support each other on issues of security and to work together on regional and international challenges. The nations also confirmed that the number of high-level state visits between China and the UAE will increase.

2. Economy: The UAE offers its full support to China's Belt and Road Initiative, which will combine a land 'economic belt" and a "maritime silk road" that will link China with the Arabian Gulf as well as Southeast, South and Central China, North Africa and, eventually, Europe. 

3. Business and innovation: The two nations are committed to exploring new partnerships in sectors such as Artificial Intelligence, energy, the aviation and transport industries and have vowed to build economic co-operation through the UAE-China Business Committee.

4. Education, science and technology: The Partnership Programme between Arab countries in Science and Technology will encourage young Emirati scientists to conduct research in China, while the nations will work together on the peaceful use of nuclear energy, renewable energy and space projects. 

5. Renewable energy and water: The two countries will partner to develop renewable energy schemes and work to reduce climate change. The nations have also reiterated their support for the Abu Dhabi-based International Renewable Energy Agency.

6. Oil and gas: The UAE and China will work in partnership in the crude oil trade and the exploration and development of oil and natural gas resources.

7. Military and law enforcement and security fields: Joint training will take place between the Chinese and UAE armed forces, while the two nations will step up efforts to combat terrorism and organised crime. 

8. Culture and humanitarian issues: Joint cultural projects will be developed and partnerships will be cultivated on the preservation of heritage, contemporary art and tourism. 

9. Movement between countries: China and the UAE made clear their intent to encourage travel between the countries through a wide-ranging visa waiver agreement.

10. Implementing the strategic partnership: The Intergovernmental Co-operation Committee, established last year, will be used to ensure the objectives of the partnership are implemented.

 

 

Match info

What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
Meydan racecard:

6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres

7.05pm: Handicap | $135,000 (Turf) | 1,200m

7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m

8.15pm: UAE Oaks | Group 3 | $250,000 (D) | 1,900m

8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m

9.20pm: Handicap | $135,000 (T) | 1,600m

Company profile

Name: Tharb

Started: December 2016

Founder: Eisa Alsubousi

Based: Abu Dhabi

Sector: Luxury leather goods

Initial investment: Dh150,000 from personal savings

 

Fight card

Bantamweight

Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)

Lightweight

Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)

Catch 74kg

Tohir Zhuraev (TJK) v Omar Hussein (JOR)

Strawweight (Female)

Weronika Zygmunt (POL) v Seo Ye-dam (KOR)

Featherweight

Kaan Ofli (TUR) v Walid Laidi (ALG)

Lightweight

Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)

Welterweight

Ahmad Labban (LEB) v Sofiane Benchohra (ALG)

Bantamweight

Jaures Dea (CAM) v Nawras Abzakh (JOR)

Lightweight

Mohammed Yahya (UAE) v Glen Ranillo (PHI)

Lightweight

Alan Omer (GER) v Aidan Aguilera (AUS)

Welterweight

Mounir Lazzez (TUN) Sasha Palatnikov (HKG)

Featherweight title bout

Romando Dy (PHI) v Lee Do-gyeom (KOR)

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

Indoor Cricket World Cup

Venue Insportz, Dubai, September 16-23

UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The biog

Age: 30

Position: Senior lab superintendent at Emirates Global Aluminium

Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology

Favourite part of job: The challenge, because it is challenging

Favourite quote: “Be the change you wish to see in the world,” Gandi

Mrs%20Chatterjee%20Vs%20Norway
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The Bio

Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”

Holiday destination: “I like Paris very much, it’s a city very close to my heart.”

Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”

Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”

Company%20Profile
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TICKETS

For tickets for the two-day Maharlika Pilipinas Basketball League (MPBL) event, entitled Dubai Invasion 2019, on September 27 and 28 go to www.meraticket.com.

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A