The group behind the International School of Choueifat (ICS) schools franchise plans to expand to Africa.
Sabis yesterday announced a partnership with Dubai-based Investbridge Capital (IBC) and Kenya’s Centum Invesment Company to pursue investment opportunities across the continent.
Sabis, whose schools network spans 16 countries catering to about 70,000 students, said that the new partnership would seek to both acquire existing educational institutions, as well as build them from scratch.
Centum, an investment firm with more than US$2 billion of assets under management, and IBC, a privately-owned, DIFC-based asset manager, will co-manage the company and drive the acquisition and development of the schools.
The new consortium plans to build 20 schools in the continent over the next three to five years, with an initial focus on Kenya, Uganda, Tanzania and Egypt.
Each school is likely to cost $20 million to $30m to develop, and will be operated as part of the Sabis network. Sabis and its partners are following in the footsteps of Gems Education, which owns and operates two schools in Egypt, and one each in Kenya and Uganda.
“A young and growing population, government support, and urbanisation will drive expansion in K-12 education in Africa, currently considered one of the last major frontiers of GDP growth,” said Mark DeSario, the IBC chief executive.
In addition to ICS, Sabis operates three further schools in the emirate of Abu Dhabi, as well as in nine other Middle East and North African markets.
jeverington@thenational.ae
Follow The National's Business section on Twitter
