Almasar Alshamil Education, a leading UAE-based education group and owner of Middlesex University Dubai, announced its intention to proceed with an initial public offering (IPO) and list its ordinary shares on the Main Market of the Saudi Exchange (Tadawul). The move marks a significant milestone in the company’s expansion across the GCC’s fast-growing education sector.
IPO Details
The Capital Market Authority (CMA) approved the company’s application on 29 September 2025, allowing the registration and offering of 30.7 million shares, representing 30% of its share capital. The offering price will be determined through a book-building process.
Prior to the IPO, Amanat Special Education and Care Holdings Ltd. is the company’s sole shareholder and will sell its shares as part of the offering. The company will not receive any proceeds from the sale.
The Offer Shares will be available to institutional and individual investors, including Qualified Foreign Investors (QFIs), Foreign Strategic Investors (FSIs), GCC corporate investors, and other foreign participants through SWAP agreements with authorised capital market institutions.
Almasar Alshamil Education has appointed SNB Capital as its financial advisor, lead manager, and underwriter, with EFG Hermes Saudi Arabia acting as joint bookrunner for the institutional tranche.
Two investor groups will be eligible to participate:
- Institutional investors (Tranche A): Minimum subscription of 100,000 shares; maximum of 5.1 million shares.
- Individual investors (Tranche B): Open to Saudi and GCC nationals, residents, and other eligible investors with a minimum subscription of 10 shares and a maximum of 250,000 shares.
Company Operations
Almasar Alshamil Education operates across specialised education, rehabilitation, and higher education, serving more than 28,000 students and beneficiaries in Saudi Arabia and the UAE.
In Saudi Arabia, it operates through Human Development Company (HDC) and Human Rehabilitation Company (HRC), together the largest private provider of Special Needs Education and Care (SEC). The network includes 39 daycare centres, 14 schools, and three clinics, serving more than 7,950 beneficiaries.
In higher education, the group owns Middlesex University Dubai (MDX Dubai), which serves 6,400 students across two campuses. It also holds a 35% effective interest in NEMA Holding, which operates five campuses with over 13,500 students.
The group’s combined higher education portfolio includes Abu Dhabi University, Liwa University, and MDX Dubai, representing roughly 26% of the UAE’s private higher education market.
Financial Performance
The company reported revenue growth from SAR181 million in 2022 to SAR437 million in 2024, reflecting a compound annual growth rate (CAGR) of 55%. EBITDA increased from SAR96.7 million in 2022 to SAR215.6 million in 2024, a CAGR of 49%.
The group maintains a capex-light, scalable business model, supported by high cash flow generation and low leverage, positioning it for future expansion and potential dividend distributions.
Leadership Comments
Dr. Shamsheer Vayalil, Chairman of Almasar Alshamil Education, said the planned listing
“marks a major milestone in Almasar Alshamil Education’s journey to expand access to high-quality, specialised education across the region.”
He added that the offering
“reflects the growing strength of our business and the demand for inclusive and specialised education services across the GCC.”
Majed Al Mutairi, Chief Executive Officer, said the group is
“uniquely positioned to scale its high-impact education providers across Special Education Needs and Care and Higher Education. IPO will enable us to strengthen our capabilities, expand geographic reach, and make specialised education more accessible for underserved segments.”
Market Context
The GCC’s education sector is expanding rapidly, supported by rising demand, favourable demographics, and government initiatives promoting inclusivity and human capital development.
In Saudi Arabia, special education enrolments are forecast to grow from 87,000 students in 2023 to 131,000 by 2028, an annual growth rate of 8.6%. In the UAE, higher education enrolments are expected to grow 5.8% annually through 2028, led by private institutions.
Strategic Outlook
The group’s growth strategy focuses on:
- Expanding daycare centres across Saudi Arabia under a SAR115 million capital plan
- Increasing enrolment at Middlesex University Dubai through new academic programmes and international recruitment
- Launching 24-hour residential care centres for individuals with higher needs
- Exploring opportunities to establish new universities and K–12 schools across the GCC
Dividend Policy
The company’s share capital totals SAR1.024 billion, divided into 102.4 million shares with a nominal value of SAR10 each. Dividend distribution will depend on financial performance, cash flow, and regulatory considerations. Any dividends will be subject to board recommendation and shareholder approval at the General Assembly.
For more information about Middlesex University, please visit:
Further Reading:
- Prince Sattam bin Abdulaziz University Rises Over 250 Places in 2026 Times Higher Education Rankings
- Saudi Cabinet Approves University of Strathclyde Branch in Riyadh to Boost Higher Education Sector