The Lighthouse Education platform said that Rajhi Invest has joined the platform’s group of investors, with a value of EGP 75m.
The alliance will subscribe in the first closing of the educational platform, with a value exceeding EGP 500m.
Rajhi Invest is one of the largest investment entities in the Kingdom of Saudi Arabia and the Arab world since its establishment in 1929.
Lighthouse Chairperson Hossam Kabbani said: “The joining of one of the most important regional companies to the educational platform proves the attractiveness of the Egyptian educational sector due to its vibrant and promising opportunities. The platform focuses on providing distinguished educational services to the middle class, which is the largest segment of the population”.
He added that the platform will focus in the coming period on starting its investment plans after the completion of the first closing.
Mohamed EL Samman, Chief Executive Officer of Rajhi Invest said: “The company aims to invest mainly in Saudi Arabia, with a tendency to diversify investment in some promising foreign markets such as the Egyptian market. The education sector comes at the top of the company’s targets due to its growth and potential. The company’s strategy is based on investment through partnerships with distinct and experienced entities in the field”.
Khalil El-Bawab, CEO and Managing Director of Misr Capital, expressed his happiness with the completion of the first closure of the Lighthouse platform by the joining of Rajhi Investment.
He added that the presence of The Sovereign Fund of Egypt (TSFE), Banque Misr and Misr Insurance Holding Company as investors is a testimony to the attractiveness of the Egyptian education sector and its ability to grow, especially in light of the Egyptian government’s support for the sector.
Mohamed El-Sharif, CEO of Ironwood Investments and Deputy Chairperson of Lighthouse, said: ” With Rajhi Invest on board, this gives us a boost to kick start the establishment process during the next few months. The management team has prepared a map that identified the investment objectives that are in line with the platform’s strategy to serve middle-income groups”.
It is noteworthy that the Lighthouse Education platform was established in the middle of this year, with a target capital of EGP 1.75bn.
