Hassana, Dubai GEMS acquire Saudi’s largest private school operator

Hassana Investment Co, the investment arm of the Saudi General Organization for Social Insurance (GOSI), and Dubai-based GEMS Education have launched GEMS Education KSA Holding as a joint venture to grow the education sector in Saudi Arabia.

The partners also signed an agreement to acquire Ma’arif Education Group, the largest private school owner and operator in Saudi Arabia. The group includes national and international schools, which have more than 22,000 students enrolled in the Kingdom.

GEMS Education and Hassana plan to build over 50 schools and provide high-quality education to more than 100,000 students across the Kingdom, GEMS said in a statement on Thursday.

“The joint venture between Hassana and GEMS is a formalization of our ambitious plan to invest in the education sector in Saudi Arabia. The joint venture aims at generating strong returns on investment over the long term whilst providing best-of-class education services,” said Saad Al-Fadly, chief executive officer of Hassana.

In March 2009, the Saudi cabinet gave the go ahead for the setting up of a new state-owned investment firm, Argaam reported.

Hassana aims to invest directly, or on behalf of GOSI in financial instruments by buying and selling in local, regional, and international stock markets. It will also set up real estate, commercial and services projects.

No further details were mentioned about the deal value.