By Gavin Gibbon
GCC PreSchool Fund aims to raise between $50 million and $100m to acquire preschools throughout the UAE and GCC
Foundation Holdings and MindChamps PreSchool have launched a joint venture aimed at transforming the preschool education segment in the UAE and across the wider GCC.
The two entities each own 50 percent in the GCC PreSchool Fund, which aims to raise an initial tranche of between $50 million and $100m to acquire preschools throughout the UAE and GCC.
According to a recent report by Boston Consulting Group, the K-12 market is expected to double over the next five years, from $13 billion to $26bn by 2023. In Saudi Arabia alone, the K-12 private education market is poised to catapult from $5bn in 2017 to $12bn in 2023.
With an intake of more than 437,000 preschool students each year in Saudi Arabia and 154,000 in the United Arab Emirates – 39 percent of these in private schools - the sector continues to hold considerable appeal for investors and school operators.
Abhishek Sharma, founder CEO of Foundation Holdings, a strategic global investment firm, said: “We strongly believe the healthcare and education sectors are set to drive human capital, innovation and transformational opportunities in the coming phase.”
Developed by a team of interdisciplinary experts, the MindChamps programme is designed to create champion learners at the early learning stage through nurturing the joy of discovery. In unison with the 3-Mind teaching method, the school’s philosophy of ‘100 percent Respect and Zero Fear’ empowers young kids with the freedom to be creative and unique.
David Chiem, founder CEO and executive chairman of MindChamps PreSchool Limited, which operates centres in Australia and Singapore, said: “Individuals and nations cannot reach their full potential without quality, accessible education. Today, there is a strong need in the GCC region to build and invest in the pre-schools sector, and develop new capacity – thereby improving access, and upgrading quality and service.”