Middlesex University Dubai owner to list 30% of shares on Saudi Exchange

Dubai: Almasar Alshamil Education, a leading provider of specialized education services in the GCC, announced its intention to proceed with an initial public offering (IPO) and list its ordinary shares on the Main Market of the Saudi Exchange (Tadawul).

The Capital Market Authority (CMA) approved the company’s application on September 29, 2025, allowing the registration and offering of 30.7 million shares, representing 30% of its share capital. The offering price will be determined through a book-building process.

Prior to the IPO, Amanat Special Education and Care Holdings Ltd. is the company’s sole shareholder and will sell its shares as part of the offering. The company will not receive any proceeds from the sale.

The Offer Shares will be open to institutional and individual investors, including Qualified Foreign Investors (QFIs), Foreign Strategic Investors (FSIs), GCC corporate investors, and other foreign participants through SWAP agreements with authorized capital market institutions.

The company has appointed SNB Capital as its financial advisor, lead manager, and underwriter, with EFG Hermes Saudi Arabia acting as joint bookrunner for the institutional tranche.

Two investor groups will be eligible to participate:

Almasar Alshamil Education operates across specialized education, rehabilitation, and higher education, serving more than 28,000 students and beneficiaries in Saudi Arabia and the UAE.

In Saudi Arabia, it operates through Human Development Company (HDC) and Human Rehabilitation Company (HRC), together the largest private provider of Special Needs Education and Care (SEC). The network includes 39 daycare centers, 14 schools, and three clinics, serving more than 7,950 beneficiaries.

In higher education, it owns Middlesex University Dubai (MDX Dubai) with 6,400 students across two campuses, and holds a 35% effective interest in NEMA Holding, which operates five campuses with over 13,500 students.

The company’s combined higher education portfolio includes Abu Dhabi University, Liwa University, and MDX Dubai, representing roughly 26% of the UAE’s private higher education market.

The company reported revenue growth from SAR181 million in 2022 to SAR437 million in 2024, reflecting a compound annual growth rate (CAGR) of 55%. EBITDA increased from SAR96.7 million in 2022 to SAR215.6 million in 2024, a CAGR of 49%.

The group maintains a capex-light, scalable business model, supported by high cash flow generation and low leverage, positioning it for future expansion and potential dividend distributions.

Dr. Shamsheer Vayalil, Chairman of Almasar Alshamil Education, said the planned listing “marks a major milestone in Almasar Alshamil Education’s journey to expand access to high-quality, specialized education across the region.”

He added that the offering “reflects the growing strength of our business and the demand for inclusive and specialized education services across the GCC.”

Majed Al Mutairi, Chief Executive Officer, said the group is “uniquely positioned to scale its high-impact education providers across Special Education Needs and Care and Higher Education,” adding that the IPO “will enable us to strengthen our capabilities, expand geographic reach, and make specialized education more accessible for underserved segments.”

The GCC’s education sector is expanding rapidly, supported by rising demand, favorable demographics, and government initiatives promoting inclusivity and human capital development.

In Saudi Arabia, special education enrollments are forecast to grow from 87,000 students in 2023 to 131,000 by 2028, an annual growth rate of 8.6%. In the UAE, higher education enrollments are expected to grow 5.8% annually through 2028, led by private institutions.

The group’s growth strategy focuses on:

The company’s share capital totals SAR 1.024 billion, divided into 102.4 million shares with a nominal value of SAR 10 each.

Dividend distribution will depend on financial performance, cash flow, and regulatory considerations. Any dividends will be subject to board recommendation and shareholder approval at the General Assembly.