Abu Dhabi’s media and entertainment hub twofour54 has exited its investment in a training academy as it looks to support more small and medium enterprises in the sector.
The regional investment firm CedarBridge has acquired SAE Institute, twofour54 said in a statement.
The institute has “equipped more than 800 full time students with skills to compete in an increasingly competitive market … a key part of the infrastructure needed to grow an industry and attract business investment”.
CedarBridge plans on “strengthening the capabilities of the current campus” and to expand the business including into “other campuses around the UAE and entice more UAE nationals to enter its programmes”, twofour54 said.
Noura Al Kaabi, its chief executive, said: “Twofour54 will use the proceeds of the sale to invest more aggressively in media, entertainment and digital start-up companies, which we see as key to Abu Dhabi’s future.
“We want to strengthen our support for entrepreneurs who have creative ideas to build businesses that will not only serve audiences but create job opportunities for young people.”
This year twofour54 also sold its broadcast playout services unit to Ericsson. That deal and the sale of the SAE Institute “indicate the viability and attractiveness of Abu Dhabi’s media industry assets to the private sector”.
Twofour54 has a dedicated corporate venture fund which provides equity funding and it supports entrepreneurs and early stage businesses with expertise, mentoring and guidance on business plans.
CedarBridge’s managing director and co-founder, Magellan Makhlouf, said the acquisition of SAE Institute reflected “a desire to invest more heavily in applied education in the media and digital space, which we see as a key driver of future growth for the UAE”.
CedarBridge’s portfolio includes nurseries under Kids First Group in the UAE and Qatar. It also invests in education, health care and retail across the Mena region and Turkey.
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