Bloom Education, the schools arm of UAE-based Bloom Holding, has been awarded financing of AED53 million ($14.4 million) to upscale its operations in Abu Dhabi as part of a AED1 billion initiative launched last year.
Abu Dhabi Fund for Development has awarded the funding in financing on preferential terms to Bloom Education, making it one of the first beneficiaries of ADFD’s AED1bn initiative to support UAE companies.
The initiative aims to help support companies through Covid-19 in order for them to contribute to nation-building and the national economy, a tweet from the official Abu Dhabi Media Office said on Thursday.
The funds will help Bloom to upscale operations in Abu Dhabi and enhance its contribution to the knowledge economy, another tweet said.
The initiative has so far received applications from 51 companies of which 20 were identified as prospective candidates.
To qualify a company must be registered in the UAE and have annual returns of more than AED80 million.
Mohamed Saif Al Suwaidi (pictured below), director general of Abu Dhabi Fund for Development, said: “We are pleased to extend our support to Bloom Education. Education is of critical importance to us, especially as the UAE focuses on building a knowledge economy.”
“Emirati companies are the key drivers of our economy and we are committed to supporting them. We will ensure that they maintain their performances and emerge stronger. Their success is the UAE’s success, as well as our achievement.”
Dr Rashid Khalfan bin Amer Althakhri, member of the board of governors of Brighton College in the UAE, which is operated by Bloom Education, added: “The financing will help us perform better as we make bigger plans for the future. It also comes at the right time, because it supports the hardship assistance we have provided to many of our pupils’ families who have been impacted by Covid-19. This assistance enabled pupils to continue their schooling with us.”
Since opening its first school in 2011, Bloom now operates eight schools, delivering the highest quality of education to more than 8,000 pupils supported by 950 employees.
Bloom Education was one of three operators selected by the Abu Dhabi Department of Education and Knowledge (ADEK) in 2019 to run the first phase of new Charter Schools which will offer American-based curriculums to kindergarten and elementary levels pupils.
Following a tender bidding and evaluation process, Aldar Education, Bloom Education and Taaleem were picked.
ADEK introduced the Charter Schools project, aiming to provide a third education model in Abu Dhabi, through the exchange of expertise between the public and private sectors.
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