Dubai: Madaares, a private joint stock company launched by National Bonds Corporation to enhance quality in the region's education sector, has announced the acquisition of the educational investment fund Taaleem and its associate Beacon Education.
Beacon is a leading pro-vider of high-end primary and secondary education in the Gulf region. The combined entity will have a share capital of Dh750 million.
The acquisition is part of Madaares' strategic plan to consolidate its position in the fast-growing education sector, the company said in a statement yesterday.
Taaleem owns several schools including Al-Mizhar American Academy for Girls, The Children's Garden, Dubai British School, Greenfield Community School, Uptown School and Raha International School, all of which will now form the educational offering of Madaares once the transaction is completed.
Beacon Education, since its inception, has managed all Taaleem's schools. After the completion of the transaction, the Beacon team will manage schools owned by Madaares.
"The partnership with Taaleem and Beacon Education substantially raises the profile of Madaares. Both companies have extensive experience and knowledge in the region's education sector and will help Madaares achieve its targets as well as play a decisive role," said Nasser Bin Hassan Al Shaikh, chairman of Madaares and vice-chairman and chief executive officer of National Bonds Corporation.
The deal was approved by Madaares' board, and an extraordinary general meeting of shareholders has been scheduled for June 21 in Dubai, to obtain shareholders' approval.
