GEMS Education KSA (a joint venture between Hassana Investment Company, the investment arm of Saudi Arabia’s General Organisation for Social Insurance and GEMS Education) has completed the acquisition of Ma’arif, Saudi Arabia’s largest private school group, a statement said on Monday.
Ma’arif private schools, established in 1971, have more than 13 campuses across the Kingdom and more than 20,000 students enrolled.
“In line with Saudi’s Vision 2030, the commitment of the new shareholders to improving private education in KSA, together with Ma’arif’s long-standing reputation for high-quality education, made for an attractive partnership in Saudi Arabia,” the statement added.
In May this year, GEMS Education and Hassana Investment Company announced they formalized a joint venture to enhance and grow the education sector in Saudi Arabia.
The JV partners had also signed an agreement to acquire the Ma’arif Education Group, the largest private school owner and operator in Saudi Arabia, as per the announcement in May.
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