Itqan Capital inks deal with Al Khaleej Training & Education

18/11/2014 06:29 AST

Itqan Capital has signed a memorandum of understanding (MoU) with Al Khaleej Training and Education Company for the purpose of setting the collaboration framework between the two organizations for the development and management of international schools across Saudi Arabia.

Itqan Capital, a member of Al Baraka Banking Group, is one of the leading providers of investment products and offerings for high net worth individuals, family offices and institutions in the Kingdom focusing on asset management in lucrative sectors, including, education, health care services, real estate and food.

The announcement came during the company's participation in the largest regional Private Equity Summit (SuperReturn) in Dubai, which took place from Oct. 19 to 22.

Adil Dahlawi, MD & CEO of Itqan Capital, said: "In the past few years, the education sector has become the focus of private equity funds, highlighting Saudi Arabia's potential and its share in the regional education sector as the largest among the GCC countries, with 75 percent of the total number of students in the Kingdom's education system."

During the event, Itqan Capital also announced the company's intent to launch a Shariah-compliant private equity education fund, which would focus on the primary education sector in the Kingdom, with a target capital size of $200 million.

Dahlawi added: "The signing of the MoU with Al Khaleej complements the efforts undertaken by both companies over the past months bringing together the experiences of two leading organizations in pursuing mutual strategies in the education sector."

Arab News