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Amanat acquires Middlesex University for Dh369m

Acquisition completed following deal signed in June

Gulf News

Dubai: Dubai-listed Amanat Holdings said on Wednesday it has completed the acquisition of the 100 per cent stake in Middlesex University Dubai for Dh369 million following a deal signed in June.

Amanat bought Middlesex University Dubai from owners that include Abraaj Holdings, which indirectly owned stakes in Middlesex Associates. Earlier reports had said that Abraaj, which filed for provisional liquidation in June, reached a deal to sell its stake to Amanat for about $100 million (Dh367 million)

With the acquisition, Amanat, a health care and education investment company, said it has deployed Dh1.1 billion of its Dh2.5-billion capital this year alone. The latest deal marks its third investment in 2018.

“Middlesex University Dubai is an exciting and strategic investment for Amanat, enabling us to continue supporting education and health care services in the region,” said Shamsheer Vayalil, vice-chairman and managing director of Amanat.

“Following Amanat’s investment in Abu Dhabi University Holding Company, our higher education portfolio extends across the emirates of Dubai and Abu Dhabi, and covers a wide range of programmes.”

The latest deal has a potential earn-out of up to Dh73 million, the company said. Amanat’s portfolio now includes three education assets in the UAE, two health care assets in Saudi Arabia, and another real estate investment.

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