Maarif Education, one of Saudi Arabia's largest education companies with over 50 years of experience in K12 education, announced that it has signed a definitive agreement to acquire 100% of Ibn Khaldoun Education Company (IKEC).
The strategic acquisition, which is subject to approval from the relevant authorities, marks one of the largest investments in Saudi Arabia's education sector and will increase Maarif's size by almost 60%. IKEC operates four schools in Riyadh, which offer both national and international curriculums and have a current enrollment of around 13,000 students. Following the deal, the total number of students enrolled in Maarif schools will increase to over 36,000.
The transaction is part of Maarif's strategic efforts to expand its presence in Saudi Arabia, enhancing access to high-quality education and learning experiences for the Kingdom's students. This acquisition will position Maarif as the largest K12 education company in the country by both revenue and geographic reach, establishing it as a national leader with the potential to become a significant regional player.
Dr. Husam Zaman, Vice Chairman of the Board of Directors of Maarif Education, and Mr. Thunayyan al Obaikan, CEO of IKEC, signed the agreement at a ceremony held in Digital City, Riyadh in the presence of Maarif and IKEC Executive Management teams.
Commenting on the announcement, Dr. Husam Zaman, Vice Chairman of the Board of Directors of Maarif Education, said, "Today marks a transformative milestone for Maarif Education as we strategically expand our footprint by acquiring IKEC, building upon our five-decade legacy of shaping Saudi Arabia's educational landscape. This investment will significantly expand Maarif's size and provide us with increased capacity, scale, and margin enhancements, further cementing Maarif's growing presence in the Kingdom. By aligning with Vision 2030's objectives for the development of the education sector, we are committed to enhancing educational quality and accessibility, ensuring that we continue to empower future generations to thrive in an evolving world".
Thunayyan al Obaikan, CEO of IKEC, commented, "This strategic acquisition by Maarif marks a pivotal moment for IKEC and we are proud to join its portfolio of renowned schools. Maarif's proven excellence in delivering high-quality education and its ambitions to further expand its network open new horizons for our schools and students. Together, we will harness Maarif's extensive resources and expertise to enhance our educational offerings, ensuring that every student receives the best possible learning experience. We are excited about the future and committed to our shared vision of empowering the next generation of leaders in Saudi Arabia in a nurturing and innovative environment".
The private K12 education sector in Saudi Arabia is expected to experience significant growth in the coming years as the Kingdom prioritizes improving education quality through privatization. Factors driving this growth include rapid population growth, increasing disposable incomes, a growing preference for private schooling among Saudis, and government efforts to attract global talent. A 2023 study reveals that Saudi Arabia's school-going population is nearly three times larger than the combined school-aged population of the GCC.
