17 March 2009
Bahrain based Addax Bank yesterday announced the acquisition of Al Maaref School in Dubai, through its associate company, First Education Holding (FEH).
FEH is the bank's education platform, focused on acquiring and managing schools across Mena, with investments to date of about $40 million (Dh147m).
This acquisition is in line with Addax Bank's strategy to invest in high growth, non-cyclical sectors such as education, food and beverage and hospitality. These sectors have shown strong resilience to economic downturns and challenging market conditions, thereby, providing attractive returns.
The investment potential of private education sector in Mena is driven by a young and growing demography that will require schooling and higher education.
Al Maaref School will be the third acquisition in 12 months, preceded by The Baby Academy in Egypt and Al Zahour School in Sharjah.
Yousef Al Essa, CEO of Addax Bank and Chairman of FEH, said: "The strong performance of our education platform illustrates the success of the bank's strategy to establish regional platforms in select sectors, and also highlights the bank's execution capabilities and its ability to create long-term value. There is significant growth ahead, given our strong pipeline of investments that are in excess of $100m across Mena."
Bahrain based Addax Bank yesterday announced the acquisition of Al Maaref School in Dubai, through its associate company, First Education Holding (FEH).
FEH is the bank's education platform, focused on acquiring and managing schools across Mena, with investments to date of about $40 million (Dh147m).
This acquisition is in line with Addax Bank's strategy to invest in high growth, non-cyclical sectors such as education, food and beverage and hospitality. These sectors have shown strong resilience to economic downturns and challenging market conditions, thereby, providing attractive returns.
The investment potential of private education sector in Mena is driven by a young and growing demography that will require schooling and higher education.
Al Maaref School will be the third acquisition in 12 months, preceded by The Baby Academy in Egypt and Al Zahour School in Sharjah.
Yousef Al Essa, CEO of Addax Bank and Chairman of FEH, said: "The strong performance of our education platform illustrates the success of the bank's strategy to establish regional platforms in select sectors, and also highlights the bank's execution capabilities and its ability to create long-term value. There is significant growth ahead, given our strong pipeline of investments that are in excess of $100m across Mena."
By Staff Writer
© Emirates Business 24/7 2009
