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08 August, 2018

UAE's Amanat Holdings acquires Middlesex University Dubai for $100mln

The acquisition is Amanat’s sixth portfolio company and third investment in 2018

Students walk past the Middlesex University Dubai in Dubai July 21, 2010. Image for illustrative purposes.

Students walk past the Middlesex University Dubai in Dubai July 21, 2010. Image for illustrative purposes.

REUTERS/Mosab Omar
08 August 2018
United Arab Emirates-headquartered healthcare and education investment company Amanat Holdings PJSC announced on Wednesday it had acquired 100 percent of Middlesex University Dubai for 369 million UAE dirhams ($100.5 million) with an earn-out provision of up to 73 million dirhams ($19.87 million).

Established in 2005, the university is the first overseas campus of London's Middlesex University and has a student population of approximately 3,000.

According to a company press statement, the acquisition expands Amanat's portfolio of assets to six including two education assets in the United Arab Emirates, two healthcare assets in Saudi Arabia and a real estate investment that together represent the deployment of approximately 73 percent of the company's 2.5 billion dirhams paid-up capital.

In June, Dubai-based English language newspaper Gulf News reported that the troubled Abraaj Group had reached an agreement to sell its stake in Middlesex University's Dubai campus to Amanat for about $100 million.

The press statement also noted that the acquisition is Amanat's third investment in 2018, with 1.1 billion dirhams of capital deployed so far this year.

In June, the company announced that it had acquired the real estate assets of North London Collegiate School (NLCS) Dubai for 405 million dirhams. Earlier, in March, Abu Dhabi-based English language newspaper The National reported that Amanat had acquired a 35 percent stake in Abu Dhabi University Holding Company (ADUHC) for 320.4 million dirhams.

Amanat's investment strategy is focused on significant minority or majority stakes in high-quality, high-growth potential companies exclusively in the healthcare and education sectors across the GCC and beyond, according to the press statement.

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(Writing by Anoop Menon) (anoop.menon@thomsonreuters.com)

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