Dubai Investments (DIC) said on Monday it plans to invest $20 million (Dh73.5 million) directly into Africa Crest Education Holdings (ACE), which promotes education across Africa.
The investment will fund development of SABIS-operated schools in Africa, with an initial target pipeline of projects in Kenya, Egypt, South Africa, Uganda and Morocco, the DIC said in an emailed statement.
Al Mal Capital, the DIC’s unit which advised on the deal, will also continue to manage the investment in ACE on DIC’s behalf. Investbridge Capital arranged and advised on behalf of Africa Crest Education.
“SABIS has a long-standing history of offering quality schooling and is a respected name in global education landscape and this partnership will go a long way in opening school doors to millions across Africa,” Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said in a statement.
Mark DeSario, co-founder and chief executive officer of Investbridge Capital and Board member of ACE, said: “Their investment in ACE confirms that strong and robust business execution strategies in the education sector, based on the fundamentals, matched with deeply experienced partners and a well-structured project pipeline will attract the very best institutional investor base.”