Al Khayyat, Rasmala and RHT team up to acquire Taaleem stake.
"Having noted with increasing interest the exponential growth in the UAE's education sector, we decided to increase our stakes in this sector," said Amer Al Khayyat, managing director of Al Khayyat Investments.
"The vibrant energy displayed by Taaleem in introducing world class education and quality learning tools as well as the company's speedy growth prompted us to acquire this stake along Rasmala Investments and RHT," he added.
Al Khayyat further said: "This deal comes at a time where the UAE as well as the broader GCC [Gulf Co-operation Council] is witnessing major transformation in its education landscape in line with its booming private sectors. The regional governments have encouraged private sector involvement in education, and Taaleem in particular plays a pivotal role in enhancing the industry in the UAE, which is seeing exponential growth. It is a matter of pride to be part of this initiative."
RHT Partners, the private equity firm that brings together high-calibre investment management professionals and prominent financial backers has coordinated this transaction and will sit alongside Amer Al Khayyat, whom it has nominated for a seat on Taaleem board.
Amer Al Khayyat has personally taken up a 13 per cent stake in Taaleem along with Rasmala Investments and following this acquisition, Al Khayyat Investments own a combined 25 per cent stake in Taaleem.
Profile: Innovative initiatives
The challenge for UAE education is to groom the next generation of UAE based students for global competition. In its quest to play its role in developing the country as a knowledge-intensive economy, Taaleem aims to give students the skills they need to become competitive players in the global economy.
The company is taking innovative initiatives to ensure that students in the UAE are best prepared to excel in university education and compete effectively with a global workforce.
E Al Nisr Publishing LLC 2007. All rights reserved.
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|Publication:||Gulf News (United Arab Emirates)|
|Date:||Jun 19, 2008|
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