New international schools are set to be established in Oman as part of a new joint venture project with a global education company.
CORE Education & Technologies said it has inked the joint venture agreement with Muscat Overseas Company through its Middle East-based subsidiary, CORE Education & Consulting Solutions.
The 50:50 joint venture will seek to develop a world-class education environment in the Sultanate of Oman, it said in a statement.
As part of the agreement, the JV said it will establish international schools to “answer the needs of Omani residents who usually seek world-class education opportunities outside of the sultanate”.
“This would also envisage introduction of technology-based innovations such as aids to teaching and learning to all schools of Oman,” the statement said.
Currently, the Oman government spends an estimated $3.5bn annually on education alone and allocates around 12-14 percent of its yearly budgeted expenditure to the education sector.
Sanjeev Mansotra, chairman & global CEO of CORE Education & Technologies, said: “This venture will demonstrate what is possible when leading companies with complementary capabilities work together to meet a common goal.”
The development is another milestone for CORE as it expands its presence in the GCC’s $65bn education sector.
Last month, the company signed a joint venture agreement with Qatar’s Mackeen Holding and is in the process of finalising similar agreements with partners in Saudi Arabia and other GCC countries.
CORE is already expanding its presence in Africa rapidly with business in countries such as Mozambique and Ghana, among others.
“I am confident that our joint efforts will contribute meaningfully to the Omani government’s own measures to revamp the education sector,” he added.
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