Egypt-based Artoc Group has invested $10 million in the UAE’s $100-million Centre of Excellence for Applied Research and Training (Cert) Innovations Fund.

Cert is the largest private education provider in the Middle East and is also the largest Mena region investor in the discovery and commercialisation of technology, investing $35 million in 2006.

Corecap, financial advisor to Cert, the commercial arm of the Higher Colleges of Technology in the UAE, announced that Artoc chairman and managing director Mohamed Shafik Gabr has also joined the board of Cert Capital, which is chaired by UAE Minister of Higher Education and Scientific Research Sheikh Nahayan Mubarak Al Nahayan, , and vice-chaired by Higher Colleges of Technology vice-chancellor Dr. Tayeb Kamali.

Both Sheikh Al Nahayan and Dr Kamali are widely regarded as the main architects of progressive initiatives in the Gulf’s investment and economic sectors.

“Our partnership with an outstanding institution such as Artoc Group and Mohamed Shafik Gabr’s appointment to the board give further substance to Sheikh Al Nahayan’s revolutionary vision to develop the education, healthcare and technology sectors in the UAE and the Gulf,” said Dr Kamali.

“We are pleased to welcome Artoc Group as one of Cert Innovations’ lead investors. Their commitment demonstrates that the fund is a compelling investment opportunity in the private equity landscape, one of the fastest growing asset classes globally,” said Corecap chief executive officer Khaled Hassan Rashed.

Rashed said the partnership with Artoc is a prime example of established public and private sector players working together towards the goal of developing the regional economies.
 
“Cert provides investors with a great opportunity to participate in the ongoing economic growth and long-term development of the Mena region. The organisation’s track record and institutional structure proved attractive to Artoc and we look forward to accelerating its future development while cementing our strategic partnership,” said Mohamed Shafik Gabr. – TradeArabia News Service