Maarif Education, one of the largest education companies in Saudi Arabia with a legacy of over 50 years in K12 education, has signed a definitive agreement to acquire 100% of Ibn Khaldoun Education Company (IKEC).

 

The acquisition, which is subject to approval from the relevant authorities, marks one of the largest investments in Saudi Arabia's education sector and will increase Maarif’s size by almost 60%. IKEC operates four schools in Riyadh, which offer both national and international curriculums and have a current enrollment of around 13,000 students. Following the deal, the total number of students enrolled in Maarif schools will increase to over 36,000.

 

The transaction is part of Maarif’s ongoing plans to expand its footprint in Saudi Arabia, increasing access to the best quality education and learning experience for the Kingdom’s students. It will make Maarif the largest K12 education company in the country by revenue and geographic coverage, creating a true national champion that is ready to become one of the major regional players.

 

Dr Husam Zaman, Vice Chairman of the Board of Directors of Maarif Education, and Thunayyan al Obaikan, CEO of IKEC, signed the agreement at a ceremony held in Digital City, Riyadh in the presence of Maarif and IKEC Executive Management teams.

 

Transformative milestone

Eng Ihab Osman, CEO of Maarif Education, said: "Today marks a transformative milestone for Maarif Education as we strategically expand our footprint by acquiring IKEC, building upon our five-decade legacy of shaping Saudi Arabia’s educational landscape. This investment will significantly expand Maarif’s size and provide us with increased capacity, scale and margin enhancements, further cementing Maarif's growing presence in the Kingdom. By aligning with Vision 2030’s objectives for the development of the education sector, we are committed to enhancing educational quality and accessibility, ensuring that we continue to empower future generations to thrive in an evolving world."

 

Al Obaikan commented: "This acquisition by Maarif marks a pivotal moment for IKEC and we are proud to join its portfolio of renowned schools. Maarif’s proven excellence in delivering high-quality education and its ambitions to further expand its network open new horizons for our schools and students. 

 

“Together, we will harness Maarif's extensive resources and expertise to enhance our educational offerings, ensuring that every student receives the best possible learning experience. We are excited about the future and committed to our shared vision of empowering the next generation of leaders in Saudi Arabia in a nurturing and innovative environment."

 

The private K12 education sector in Saudi Arabia is projected to see strong growth in the coming years as the kingdom focuses on elevating the quality of education through privatisation. Rapid population growth, rising disposable incomes, Saudis' growing inclination towards private schooling, and the government’s initiatives to attract global talent to the country are driving growth in the segment. According to a 2023 study, the kingdom’s school-going population has surpassed the GCC school-aged population by almost threefold.--TradeArabia News Service