<a href="https://www.thenationalnews.com/business/markets/amanat-buys-cambridge-medical-and-rehabilitation-centre-for-232m-1.1175154">Amanat Holdings,</a> a Dubai-based education and healthcare investment company, acquired a 60 per cent stake in the Human Development Company, a Saudi special education and care provider, for an initial consideration of about 220.3 million Saudi riyals ($59m). The deal also includes a contingent consideration of up to 47.1m riyals that is payable subject to future earnings growth, Amanat said on Friday. The acquisition will bolster Amanat's healthcare and education platforms by expanding its reach as it caters to people of determination, the company said. “The acquisition of a majority stake in HDC meets Amanat’s stated strategic objectives of investing in income-generating assets and building scalable specialised platforms,” said Amanat chairman Hamad Alshamsi. “Amanat has identified a need for the provision of special education and care in the region and is well positioned to expand this specialised offering regionally to meet the growing need.” The special education and care sector is “underserved regionally”, with strong underlying growth drivers, and Amanat will focus on the development of this sector with the aim of improving the quality and access of care to this segment of the population, it said. In August, the company said it was examining <a href="https://www.thenationalnews.com/business/markets/2022/08/04/amanat-second-quarter-net-income-drops-amid-rising-cost-of-financing/" target="_blank">“several potential investment opportunities”</a> to expand its portfolio. Amanat <a href="https://www.thenationalnews.com/business/markets/2021/09/26/amanat-sells-minority-stake-in-saudi-arabian-healthcare-provider-for-118m/">divested its minority stakes </a>in <a href="https://www.thenationalnews.com/business/economy/amanat-sells-stake-in-education-provider-taaleem-for-dh350m-1.1213330">education platform</a> Taaleem Holdings and Saudi <a href="https://www.thenationalnews.com/business/markets/2021/09/26/amanat-sells-minority-stake-in-saudi-arabian-healthcare-provider-for-118m/">healthcare provider</a> International Medical Centre last year. The company posted a sharp drop in its second-quarter net profit as financing costs increased. Net profit attributable to the shareholders of the company dropped to about Dh35m ($9.4m) in the three months to the end of June, from around Dh204m recorded a year earlier, it said in bourse filing in August. HDC operates in six provinces in Saudi Arabia, catering to more than 3,000 beneficiaries through a network of nine schools, 22 daycare centres and specialised rehabilitation medical clinics. HDC has a “a promising growth trajectory and sizeable addressable market”, Mohamad Hamade, chief executive of Amanat, said. “The addition of HDC to our portfolio will enable us to expand SEC regionally and lead in growing this specialised sector while creating a lasting and meaningful social impact on the communities we operate in,” he added. HDC is “well positioned” to expand its network in Saudi Arabia, as well as expanding its footprint to the UAE and the rest of the Gulf, Amanat's chief executive said. The services are aimed at helping people of determination to reach their full potential and empowering them to provide a valuable contribution when reintegrated into societies, Amanat said. HDC, which was set up in 2017, operates in Riyadh, the Eastern Province, Makkah, Aseer, Jazan, and Qassim. “With the support of Amanat as shareholders, we are excited to work towards expanding our geographic footprint even further in the kingdom and throughout the GCC,” Omar Al Modayfer, HDC’s founder and chairman, said.
