- Maarif to acquire 100% of Ibn Khaldoun Education Company, which currently enrolls around 13,000 students across 4 schools.
- Strategic acquisition to position Maarif as the largest K12 education company in Saudi Arabia by revenue and geographic coverage.
RIYADH, Saudi Arabia, Nov. 25, 2024 /PRNewswire/ -- Maarif Education, one of the largest education companies in Saudi Arabia with a legacy of over 50 years in K12 education, announced today the signing of a definitive agreement to acquire 100% of Ibn Khaldoun Education Company (IKEC).
The strategic 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 Mr. 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.
Commenting on the announcement, Dr. Husam Zaman, Vice Chairman of the Board of Directors 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."
Thunayyan al Obaikan, CEO of IKEC, commented: "This strategic 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 privatization. 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.
ABOUT MAARIF EDUCATION
Established in 1971, Maarif Education is one of the largest education companies in the Kingdom of Saudi Arabia. For over five decades, Maarif Education has been a driving force in shaping the educational landscape of the Kingdom. Today, Maarif operates 10 educational complexes strategically located across the country and employs over 2,460 teaching and academic staff. The campuses include 74 different national and international kindergarten, elementary, middle, and high schools for girls and boys that incorporate international best practices and standards in line with Vision 2030.
For more information, please visit: www.maarif.sa/
ABOUT IBN KHALDOUN EDUCATION COMPANY (IKEC)
Ibn Khaldoon Education Company (IKEC), established in 2006, has grown alongside the rapid expansion of Saudi Arabia's private K-12 education sector. The company operates four schools-Erqaa, Al Nafil, Al Manar, and Al Yasmeen, offering both national and international curricula. Currently serving over 13,000 students, IKEC has earned a strong reputation as a trusted education provider, catering to the diverse communities of Riyadh. With a steadfast commitment to academic excellence and holistic development, IKEC continues to play a vital role in shaping the future of education in the Kingdom.
For more information, please visit: www.ikschools.com
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