(MENAFN- Emirates News Agency (WAM))
DUBAI, 5th June, 2023 (WAM) -- National Bonds Company, a Sharia-compliant saving and investment company, has announced its acquisition of an additional 5% stake in the "Taaleem" Holding Group. This move solidifies National Bonds' position as the largest shareholder in "Taaleem" with a 22% stake.
The acquisition represents the largest of its kind since "Taaleem" listed and traded its shares on the Dubai Financial Market in November 2022.
This strategic proposition is part of National Bonds' continuous effort to strengthen its presence in the education sector and aligns with its strategy to invest in vital educational services. The education sector in the region is recognised as one of the fastest-growing markets globally, presenting growth and expansion opportunities for Taaleem over the long term. National Bonds' investment in Taaleem is expected to positively impact its own investment portfolio.
Taaleem, formerly known as "Madaares", was established in 2006 by National Bonds Corporation and other investors. Over the past 17 years, it has become one of the largest providers of distinguished educational services from kindergarten to grade 12 in the UAE.
The organisation has a strong reputation and a track record of offering innovative and advanced educational solutions. Currently, Taaleem operates 26 schools with 27,000 students, supported by over 1,700 faculty members and 3,000 administrative staff.
In a significant milestone for the education sector in the UAE, Taaleem conducted an Initial Public Offering (IPO) at the end of the last year, listing its shares on the Dubai Financial Market. The IPO was well-received, with an oversubscription of more than 18 times. Taaleem became the first educational service provider to be listed in the UAE.
Mohammed Qasim Al Ali, Chief Executive Officer of National Bonds Corporation, emphasised the company's commitment to supporting the education sector's pivotal role in the sustainable development of the UAE. He also highlighted the contribution to the country's vision of economic diversification and knowledge-based growth, fostering a prosperous future for future generations.
Al Ali stated that the new investment in Taaleem will enhance National Bonds' investment portfolio, enabling sustainable returns that are not significantly influenced by market cycles. This transaction demonstrates the company's confidence in the successes achieved by the Taaleem Group in line with National Bonds' investment strategy.
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