- GEMS Education KSA is a joint venture of General Organisation for Social Insurance (GOSI) and GEMS Education.
- Hassana Investment Company is an asset management company owned by GOSI.
GEMS Education KSA on Monday announced the completion of the $800 million acquisition of Ma’arif Education and Training Company which was established in 1971 in Saudi Arabia and currently has over 13 campuses across the kingdom with over 20,000 students enrolled.
The $800 million deal aims to build a network of new schools for 130,000 students across the kingdom, creating around 16,000 new jobs, 40 percent of whom are expected to be Saudi nationals.
Statements enclosing the deal
Saad Alfadly, chairman of GEMS Education KSA, said…
“We look forward to working with teachers, students and parents who are currently enrolled in Ma’arif schools and we are excited about welcoming new families. We are confident that combining the experience, reputation and track record of Ma’arif and GEMS Education will ensure that our schools remain leaders in academic excellence and the development of our students.”
Dr Mohamed Al-Arfaj, CEO of Ma’arif Education, added…
“We are excited about this partnership, as it is unprecedented in the region, to contribute to raising the quality of education within the kingdom, and raise the share of Ma’arif for education in the private education sector in the kingdom. We look forward to many successes ahead.”
Information Source: Arabian Business
Image Credit: Khaleej Times