National Bonds, the Sharia-compliant savings and investment company owned by the Investment Corporation of Dubai, has raised its stake in Dubai school operator Taaleem Holdings to 22 per cent, becoming its largest shareholder.
The company bought an additional 5 per cent stake in Taaleem as part of its “continuous effort to strengthen its presence in the education sector and align with its strategy to invest in vital educational services”, it said on Monday.
The acquisition represents the “largest of its kind” since Taaleem listed on the Dubai Financial Market in November 2022.
“[The] new investment in Taaleem will enhance National Bonds' investment portfolio, enabling sustainable returns that are not significantly influenced by market cycles,” said Mohammed Al Ali, chief executive of National Bonds.
Taaleem Holdings, whose financial year is from September 1 to August 31, reported a 14 per cent increase in its first-quarter profit, driven by higher revenue as enrolment continued to increase across its schools.
Net profit for the three months to the end of November climbed to Dh51 million ($14 million), from Dh44.6 million during the same period last year.
Taaleem, previously known as Madaares, was founded in 2006 by the National Bonds Corporation and other investors.
It operates 26 schools across the UAE, offering British, American and International Baccalaureate curriculums to more than 27,000 pupils.
Dubai-listed Amanat, which specialises in investments across the health and education sectors, sold its entire stake in Taaleem for Dh350 million ($95.3 million) in April 2021.
In November last year, the company raised Dh750 million from its initial public offering, becoming the largest and only dedicated education provider to trade on a stock market in the UAE.
National Bonds' move is aimed at encouraging “other investors to consider seriously the education sector in UAE, opening up more opportunities for investments in the field and supporting the quality of education for future generations”, it said.
World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
PRISCILLA
%3Cp%3EDirector%3A%20Sofia%20Coppola%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Cailee%20Spaeny%2C%20Jacob%20Elordi%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
