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UAE: $30m invested in EKI schools

UAE-based alternative asset manager Gulf Capital has announced a US$30m investment in one of Dubai’s international schools operators, Evolvence Knowledge Investments (EKI), which will help to finance two new schools in the region.

EKI's Foremark Hall in Dubai.

“Gulf Credit Partners’ investment will help EKI achieve its ambitious growth plans at an exciting time for the GCC’s emerging education sector”

As well as supporting the planned launch of two new schools within the next two years, the investment will be used to finance operations at EKI’s three existing schools in the UAE – Repton School and Formarke Hall in Dubai and Repton School Abu Dhabi – two of which were opened in September 2013.

Over the next five years EKI plans to expand into neighbouring GCC countries Oman, Qatar and Saudi Arabia

Over the next five years EKI plans to expand into neighbouring Gulf Cooperation Council (GCC) countries Oman, Qatar and Saudi Arabia, contingent upon the introduction of regulatory changes, an EKI spokesperson told The PIE News.

They also revealed EKI’s long term plans are to target emerging Asian markets including Hong Kong and Singapore, and the company EKI currently has agreements with “renowned UK curriculum schools” that will enable it to carry out this expansion strategy.

Education in the GCC area has become an increasingly attractive investment option for private equity firms in recent years. Demand for international school places has already begun to outstrip supply in the UAE, and the region’s international schools market is expected to boom in light of Dubai’s World Expo 2020 win.

Last year, Abu Dhabi-based Waha Capital announced plans to invest up to US$110 million in education and health, while Dubai-based Fajr Capital and Bahrain’s Investcorp Bank were in talks earlier this year about acquiring a minority stake in Dubai-based schools operator GEMS Education.

The investment in EKI is Gulf Credit Partners’ first move in the booming industry.

“Gulf Credit Partners’ investment will help EKI achieve its ambitious growth plans at an exciting time for the GCC’s emerging education sector,” said  chief executive Karim El Solh.

“Gulf Capital has been an active investor in defensive sectors such as power, water, health care and food and this latest investment in education will complement our existing portfolio of defensive investments.”

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