Itqan Capital Signs MoU with Al Khaleej Training and Education
Jeddah, Saudi Arabia, November 2014: Itqan Capital announced the signing of a memorandum of understanding 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 in the Kingdom of 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 Saudi Arabia focusing on asset management in lucrative sectors including, education, healthcare services, real estate, and food.
The announcement came during the company’s participated in the largest regional Private Equity Summit (SuperReturn) in Dubai, which took place from October 19 to 22nd. Mr. Adil Dahlawi, Managing Director and 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% of the total number of students in the Kingdom’s education system.”
During the event, Itqan Capital had 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 USD200 million.
Dahlawi added: “The signing of the memorandum 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.”