EFG Hermes Unveils $300 Million Saudi Education Fund & Acquires Britus Education Portfolio of 7 Schools with 12،000 Student Capacity in KSA & GCC
تاريخ النشر: 18th, November 2024 GMT
EFG Hermes، an EFG Holding company، and the leading Investment Bank in MENA، announced today that its private equity arm has launched a USD 300mn Saudi Education Fund (“SEF”) with the target of building an institutional world-class K-12 operator in the Kingdom of Saudi Arabia. SEF aims to capitalize on the clear market opportunity that is evidenced by the growing student population in private schools، which is expected to more than double in line with Saudi’s 2030 vision targets and the critical need for strong operators to cater to such growing demand.
EFG Hermes also announced that SEF has entered into definitive agreements with GFH Financial Group (“GFH”)، a leading and dynamic financial group in the GCC، to acquire a portfolio of international schools owned by private equity funds managed by GFH under the brand name of Britus Education. This portfolio includes four schools in Saudi Arabia، two in the UAE، and one in Bahrain، boasting a total capacity of approximately 12،000 students، with nearly 8،000 students currently enrolled.
“Britus Education represents a distinctive and innovative school brand and platform across the GCC، offering a transformative educational experience. GFH is proud to partner with EFG Hermes to leverage its extensive track record in the education sector and to continue the growth of Britus to new heights. Building on EFG Hermes’ solid success and experience in managing a model educational fund in Egypt، together، we strive to enhance access to high-quality education، and foster excellence by providing the best learning experiences to students،” said Khaldoun Haj Hasan، Chief Executive Officer of GFH Equities.
"I am thrilled to announce that our Saudi Education Fund has made its inaugural investment in the Kingdom of Saudi Arabia and the broader GCC region with the acquisition of a substantial and diversified portfolio،" stated Karim Moussa، Co-CEO of EFG Hermes. "Drawing on the expertise and insights we've gained over the past five years while establishing Egypt’s premier K-12 operator، EEP، we are poised to deliver exceptional educational services to our new student populations. Through this investment، we are committed to ensuring that Britus Education flourishes and adapts to the dynamic needs of students and communities throughout the region."
Egypt Education Platform (“EEP”) was launched under EFG Hermes’ first education fund back in 2018، and since then، the company acquired، developed، and successfully integrated a uniquely diversified portfolio of 25 assets spreading across Egypt and comprising (i) 23 schools and pre-schools offering 5 curricula (American، British، IB، Montessori and Egyptian National curriculum) with a combined capacity of c.25k students، (ii) an education content business that serves between 3-4mn students annually (“Selah El Telmeez”)، and (iii) a specialized transportation business that transports over 3k students daily (“Option Travel”).
The transaction is subject to certain conditions and regulatory approvals. PwC Middle East served as financial and tax advisor to SEF and White & Case as legal counsel.
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Yemeni political figure and Commission member Abdelmalik Al-Mekhlafi echoed this sentiment, tweeting:
“Today’s meeting in Riyadh between the leadership of the Consultation and Reconciliation Commission and political party leaders with Ambassador Mohammed bin Saeed Al Jaber once again demonstrates the Kingdom’s and its leadership’s commitment to achieving reconciliation in Yemen, along with peace, stability, and development. It also reflects the strategic brotherly partnership between the Kingdom and Yemen toward achieving these noble goals.”
These statements come at a charged regional moment, with reports circulating of possible preparations for a ground operation in Yemen, while indirect talks continue between Tehran and Washington. Notably, the recent visit by Saudi Defense Minister Khalid bin Salman to Tehran, during which he met with Iran’s Supreme Leader, was anything but routine.
Within this broader regional and international context, Saudi Arabia has made two significant diplomatic moves related to the Yemen file. The first occurred in Washington, D.C., this past February, where Prince Khalid met with his American counterpart and other senior U.S. officials. That meeting reportedly focused on security coordination and regional issues, including Yemen and the Houthis. The second, more recent meeting took place in Tehran in April.
It is worth noting that Ambassador Al Jaber was present at both meetings—an indication that the Yemen issue featured prominently in discussions, both in Washington and Tehran.
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This contrast may be the result of a deliberate distribution of roles or it might signal hesitation regarding the final course of action. Regardless, it keeps the overall situation shrouded in ambiguity—an ambiguity that warrants careful analysis.
Given these dynamics, the question remains: Are we witnessing the dawn of a new Saudi-backed peace phase in Yemen? Or is this a last attempt to clarify positions before the eruption of a new round of conflict?
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