Madaares is emerging as the region’s top provider of primary and secondary education.

An extraordinary general meeting of Madaares, the education initiative from National Bonds Corporation, approved the recently announced acquisition of the education investment fund Taaleem and its management associate, Beacon Education.

Earlier, the board of directors of Madaares had approved the deal, which also won initial approvals from the Ministry of Economy. Together the combined entity will have a share capital of Dh750 million.

The EGM also appointed the new members of the board of directors of Madaares.

The members are: Nasser Bin Hassan Al Shaikh (chairman), Saleh Saeed Ahmed Lootah, Buti Al Jumairi, Abdulla Saif Al Nuaimi, Firas Al Oda, Abdulla Showaiter, Adel Zarouni, Helal Al Marri, Ahmad Al Khayyat, Khalid Ahmed Al Tayer and Nasib Saab.

With the acquisition of Taaleem and Beacon, Madaares is now poised to emerge as the region’s premier provider of primary and secondary education.

“Our combined strength makes Madaares a formidable force, with abundant knowledge, expertise and resources that would help us raise the educational standards in the region,” said Nasser bin Hassan Al Shaikh, board chairman of Madaares.

Madaares, an Dh500 million private joint stock company, was incorporated by National Bonds Corporation in February 2007.

The company aims to raise educational standards in the UAE and the region by building and managing schools that offer the most up-to-date curricula, modern facilities and convenient locations for both nationals and expatriates.

Madaares has set a target of opening 20 primary and secondary schools over the next five years.
 
A private shareholding company, National Bonds Corporation is a Dubai-based entity with local shareholders comprising Dubai Bank, Dubai Holding and Emaar Properties. Overseen by the UAE Central Bank, National Bonds Corporation is subject to the same regulatory procedures as those applicable to other financial institutions in the country.

Licensed to operate throughout the UAE, National Bonds Corporation is Shari’a compliant, with a dedicated Shari’a Board to oversee all financial aspects including product-related operations and investments.

The Shari’a Board is chaired by Dr. Hussain Hamid Hassan, a leading Shari’a scholar who is currently presiding over the Fatwa and Shari’a Supervision Boards of most Islamic financial institutions in the United Arab Emirates, and many abroad
 
Beacon Education was established to address the growing need for high quality schools in the Gulf Region.

It establishes and operates schools tailored to meet the specific educational needs of the communities in which they are based. Offering a comprehensive choice of outstanding international curricula including American, British and the International Baccalaureate, Beacon Education is seeking to provide students in the region with the skills and knowledge to compete with students from the world’s top schools. TradeArabia News Service