Amanat acquires a 60% stake in the human development company for about $59 million

Amanat Holdings, a healthcare and education company, recently announced the acquisition of a 60% stake in Human Development Company (HDC), a leading provider of special education and care (SEC) services in Saudi Arabia, for an initial consideration of SAR 220.3 million (approximately 59 million USD).

The deal also includes a contingent fee of up to SAR 47.1 million (US$12 million) that is payable based on future earnings growth.

HDC, launched in 2007, is a leading provider of special education and care services covering educational, medical and rehabilitation services in Saudi Arabia. It is present in 6 provinces and serves more than 3,000 users through a network of 9 schools, 22 kindergartens and specialized medical rehabilitation clinics. HDC is known for its commitment to providing high-quality services managed by automated digital solutions through Rehadox software, which is internally developed and implemented in the company’s nurseries.

The acquisition of HDC will strengthen Amanat’s healthcare and education platform by expanding its reach to determined people, the company said. The special education and care sector is underserved regionally with strong underlying drivers of growth, and Amanat will focus on developing this sector to improve quality and access to this vulnerable segment of the population, it said. HDC’s commitment to a high-quality service offering and its proven scalable business model make it well-positioned to be a leading driver in the development of the SEC sector in the region, the company added.

Commenting on the transaction, Amanat’s chairman, Hamad Alshamsi, said in a statement:

The acquisition of a majority stake in HDC fulfills Amanat’s stated strategic objectives of investing in income generating assets and building scalable specialized platforms. HDC will act as a cornerstone in Amanat’s efforts to become a leader in the provision of special education and care in the region, with a proven track record of providing high quality services through a growing network. Amanat has identified a need to provide specialist education and care in the region and is well placed to expand this specialist offering regionally to meet growing needs. We look forward to building on HDC’s past results and taking advantage of the anticipated synergy with our healthcare and education platforms.

The CEO of Amanat, Dr. Mohamad Hamade, added:

The addition of HDC to our portfolio will enable us to expand SEC regionally and lead the growth of this specialty sector while creating lasting and meaningful social impact in the communities in which we operate as we continue to invest, grow and impact.

Through the transaction, Amanat will join a pioneering leadership team led by HDC’s founder, Dr. Omar Al Modayfer, a senior consultant psychiatrist specializing in child and adolescent psychiatry and family therapy.

dr. Omar Al Modayfer, founder and president of HDC, said,

I am delighted to partner with Amanat in the next phase of HDC’s growth journey. Achieving KSA’s Vision 2030 and leading the way in providing specialized care for determined people while meeting their educational needs continue to be core pillars of our mission here at HDC. With the support of Amanat as a shareholder, we are excited to work to expand our geographical footprint even further in the Kingdom and across the GCC, as well as further institutionalize HDC as we take it to the next level of success in the coming years. .

Amanat Holdings is the GCC’s only healthcare and education investment company with a paid-up capital of AED 2.5 billion. Listed on the Dubai financial market since 2014, Amanat’s mandate is to establish, acquire and integrate companies in the healthcare and education sectors and to develop, manage and operate these companies within the MENA region and beyond. Amanat’s healthcare platform includes Cambridge Medical and Rehabilitation Center, Sukoon and Al Malaki Specialist Hospital, and its education platform includes NEMA Holding (formerly Abu Dhabi University Holding Company), a leading provider of higher education in the UAE, and Middlesex University Dubai, its first overseas campus of the internationally renowned Middlesex University in London.

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