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Dubai’s Amanat moves ahead with education platform IPO

Amanat’s education platform includes Middlesex University Dubai Middlesex University Dubai/X
Amanat’s education platform includes Middlesex University Dubai

Amanat Holdings is planning for a potential initial public offering (IPO) of its education platform.

The Dubai-listed healthcare and education investment company aims to monetise its education platform by creating a new holding company. 

Advisors have been appointed to explore the monetisation options to unlock significant shareholder value, the company said in a Dubai Finanical Market filing on Wednesday.

“We look to capitalise on its strong financial performance, market positioning and growth trajectory, and realise significant value for our shareholders,” chairman Shamsheer Vayalil said.

Amanat’s education platform includes Middlesex University Dubai (MDX); Human Development Company (HDC), a special education and care services provider in Saudi Arabia; and Nema Holding, a privately-held education company in the UAE.

Revenue in the education segment increased 24 percent year on year to AED123 million ($33.6 million) in the first quarter of 2024, driven by growth in enrollments at MDX and HDC.

Overall, company revenue reached AED224 million during the same period. 

Net profit grew by 9 percent annually to AED48 million in the first quarter despite being impacted by the introduction of corporate tax.

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