The CEO of Amanat Holding Company, which is listed on the Dubai Financial Market, said that the company aims to implement new investments worth about 850 million dirhams during 2023 as part of its plans to expand geographically.
Mohamed Hamada added to WAM that the new investments of “Amanat” will be in companies with higher returns in the education and health care sectors, and will be funded by 550 million dirhams in cash, in addition to 300 million dirhams in financing from banks.
Hamada explained that “Amanat” succeeded during the current year in executing 3 deals worth more than half a billion dirhams, as our subsidiary “Nama Holding” acquired 100% of the “Liwa College of Technology”, in addition to acquiring the remaining 49% stake in the “Al-Khwarizmi” college. International », which resulted in owning 100% of the shares of the college, which completes the series of deals that the company executed during the year 2021, amounting to 1.7 billion dirhams.
He pointed out that the two acquisitions enhance Amanat's position in the field of private higher education and vocational training in the Abu Dhabi market, by creating an integrated portfolio capable of meeting the needs of more than 10,000 students.
And Hamada indicated that the third deal executed during the current year was through the acquisition of a 60% stake in the Human Development Company in the Kingdom of Saudi Arabia for 215.3 million dirhams, with the aim of entering the care and education sector for people of special care (People of Determination) in the Kingdom.
The CEO of “Amanat” also indicated that the “Human Development Company” spreads its presence in 6 regions, while providing services to 3,000 beneficiaries through 9 schools, 22 day-care centers and specialized rehabilitative medical clinics.
Muhammad Hamadeh explained that “Amanat” is working on several other deals at the present time, while studying acquisition projects in the health and education sectors in Saudi Arabia, the Emirates and Egypt, with its aspiration to expand geographically in the rest of the region, explaining that the company is in a good financial position with the availability of cash at a value of half One billion dirhams, in addition to its ability to raise the percentage of financing from banks.
Hamada stated that the current volume of the Safeties portfolio is estimated at 2.6 billion dirhams, and it is intended to double the volume of the portfolio in the coming years through investment and expansion in new projects.
