TQAN Capital has signed a memorandum of understanding with Al Khaleej Training and Education Company for the development and management of international schools in Saudi Arabia.
Itqan Capital, a member of Al Baraka Banking Group, is one of the leading providers of investment products and services to clients, with specific expertise in sustainable sectors including real estate, education, healthcare, food, manufacturing, and contracting, among others.
The announcement came during the company’s participation at the largest regional Private Equity Summit (SuperReturn) in Dubai last month.
Adil Dahlawi, Managing Director and CEO of Itqan Capital, said: “In the past few years, the education sector has become the focus of private equity funds, highlighting Saudi Arabia’s potential and its share in the regional education sector is the largest among the GCC countries with 75 percent of the total number of students in the Kingdom’s education system.”
During the event, Itqan Capital had also announced the company’s intent to launch a Shariah-compliant private equity education fund which would focus on the primary education sector in the Kingdom, with a $200 million target capital.
Dahlawi added: “The signing of the memorandum with Al Khaleej complements the efforts undertaken by both companies over the past months bringing together the experiences of two leading organizations in pursuing mutual strategies in the education sector.”
© The Saudi Gazette 2014
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