As an investor in education in the region, we see the growing need for accessibility. With more competency and skill-based learning trends emerging aimed at bridging the education to employment gap, we believe Amanat can play a key role in supporting governments to close that gap through its portfolio and in turn derive a higher return on investment than more traditional education models.

5

Investments in Education Sector

c.20K

c.5K Beneficiaries and c.15K Students

40

3 Universities and 9 Schools, 28 Daycare and Rehab Centers

Sector Overview

In recent years, an increasingly favorable operating environment coupled with the region’s solid demographic profile has seen the GCC’s K-12 and higher education sector represent an increasingly attractive investment opportunity for international investors and school operators. Growth has been driven by several factors ranging from the generic characteristics of the education sector such as its long-term revenue visibility to more GCC-specific factors. These include the roll-out of several government initiatives, the rising awareness of primary education, demand for more higher education options, the need for overall improvement in the quality of education, and an increase in the population, including that of expatriates.

Special Education and Care

The Special Education and Care (“SEC”) sector strengthens both Amanat’s Healthcare and Education platforms by expanding their reach to cater for people of determination. The SEC sector remains nascent in the region with significant gaps in the quality of service and access for people in need. These factors, along with increasing awareness, earlier diagnosis, and reduced social stigmas, provide strong underlying growth drivers for the sector. Amanat aims to lead the development of the SEC sector in the region with the goal of enhancing quality and outcomes for this segment of the population while creating a lasting and meaningful social impact on the communities we operate in.

Higher Education

In recent years, an increasingly conducive and supportive operating environment, coupled with the region’s solid demographic profile, has enabled the GCC’s higher education sector to be an attractive opportunity for regional and global investors. Higher education has generally shown a strong resiliency through the pandemic period, with some institutions enjoying a net benefit stemming from lower mobility coupled with willingness from students to seek additional degrees and take additional courses and credit hours. Government initiatives have been aimed at increasing quantity and quality of the higher education options available, fostering the development of the regional sector and limiting the need for outbound mobility. The UAE is rapidly strengthening its position as an international higher education hub, as testified by the material increase in international students witnessed in our higher education portfolio.

K-12

The demand for private investors in the K-12 sector in the region continues to grow as governments aim to increase private participation in education. This has been further reinforced by a young and growing population and an increasingly affluent middle-class looking to spend on high-quality education. With significant progress visible in countries such as the UAE, other regional economies, such as KSA, are stepping up their efforts with several transformative measures being implemented to grow the private sector’s participation in this space.

Venture Capital

Our Venture Capital Platform allows us to invest in rapidly growing education and healthcare technology players that are changing the provision of conventional academia and healthcare. We aim to develop and establish partnerships with leading international providers whose business models are transferrable to the region and integrated to derive value and create a source of accelerated development and competitive differentiation

Real Estate

Our Social Infrastructure Platform offers Amanat an opportunity to create a sizeable and diversified portfolio of real estate assets while providing sustainable long-term lease relationships for our portfolio companies.

Investment

Human Development Company (“HDC”)

https://hdc.com.sa/

Investment Date: October 2022
60%
Stake

Human Development Company (“HDC”)

HDC started in 2007 and gradually transformed through strategic expansion with a codified, scientific, and technical infrastructure to become the leading provider of special education and care services covering educational, medical, and rehabilitation services in KSA. HDC has catered to over 20,000 beneficiaries over the years and progressively grew its group of special education and care facilities to 10 schools, 24 daycare centers and specialized rehabilitation medical clinics across 6 provinces in KSA, including Riyadh, Eastern Province, Mecca, Aseer, Jazan, and Qassim. HDC is renowned for its commitment to providing high quality services governed by automated digital solutions through Rehadox software, which was internally developed and implemented in the company’s daycare centers. The focus on quality is demonstrated by HDC’s daycare centers typically being rated A+ by the Ministry of Human Resources and Social Development (“MHRSD”) in KSA.

37

9 Schools, 28 daycare and rehab centers

c.5K

Beneficiaries

AED c.262 MN

Amanat’s Investment

Investments

NEMA Holding (“NEMA”)

https://nemaholding.com/

Investment Date: March 2018
35%
Stake

NEMA Holding (“NEMA”)

NEMA Holding (“NEMA”) is the largest private higher education player in the emirate of Abu Dhabi. The group has campuses in Abu Dhabi, Al Ain and Dubai, as well as a presence in Al Dhafra Region. With c. 7,500 students and a track record of almost 20 years in the market, spanning higher education, vocational and corporate training sectors, NEMA’s mission is to become the leading platform in the Arab world for higher education and learning solutions.

2

Universities (5 campuses)

c.9.7K

Students

AED 330 MN

Amanat’s Investment

Middlesex University Dubai (“MDX”)

https://www.mdx.ac.ae/

Investment Date: August 2018
100%
Stake

Middlesex University Dubai (“MDX”)

Middlesex University Dubai was established in 2005 as the first overseas campus of the internationally renowned Middlesex University in London. The university has a diverse student body of c.4,500 students from c. 120 nationalities across two campuses in Dubai, providing students from across the GCC and beyond the opportunity to obtain a high-quality and affordable UK degree, which uses the same validation and monitoring system as the London campus, while living in the heart of Dubai. Success in attracting domestic and international students, saw the university stand as the number one KHDA institution for student enrolments in the academic year 2020-2021.

1

University (2 campuses)

c.4.9K

Students

AED 419 MN

Amanat’s Investment

Divestments

Taaleem Holdings Psc (“Taaleem”)

https://www.taaleem.ae/

Investment Date: April 2016 & December 2017 , Divestment Date: April 2021
21.7%
Stake

Taaleem Holdings Psc (“Taaleem”)

Taaleem Holdings PJSC (“Taaleem”) is one of the largest providers of early learning, primary and secondary education in the UAE with approximately 9,000 students spread across 8 institutions, six of which are located in Dubai and two in Abu Dhabi. It enjoys a reputation for premium education across multiple curricula, including British, American and International Baccalaureate, as well as a multi-lingual early childhood program

AED 198 MN

Amanat’s Investment

AED 350 MN

Amanat’s Divestment

Investment

Investment Date: October 2020
2%
Stake

BEGiN

Amanat invested in the Series C funding round of BEGiN, a US-based, award-winning, early education technology company. BEGiN’s investors and partners include some of the most recognized children’s brands including Sesame Workshop, LEGO Ventures, Gymboree Play & Music and Fisher-Price. BEGiN’s flagship brand is HOMER, the essential proprietary learning framework for young children. The HOMER Method delivers academic skills like literacy and math, in addition to personal skills like problem solving and social emotional awareness through content that is personalized to kids’ interests, age and learning level. Through recent M&A acquisitions, BEGiN has significantly increased the depth and breadth of its offering, becoming a multi-modal early education company, offering a range of digital (HOMER, CodeSpark), tangible (Little Passports) and experiential products (KidPass) to kids aged 0 to 10.

AED 19 MN

Amanat’s Investment

Leadership Team

Neal Shenoy

At BEGiN, Neal is responsible for developing the company’s long term vision and strategy, recruiting exceptional talent, and managing its Board and Investor relationships. Neal is also a Founding Partner at [212]MEDIA, which builds consumer media ventures in fragmented markets alongside major media companies. [212]MEDIA and its ventures have been profiled in the Wall Street Journal, NY Times, TIME, Variety, MSNBC, and CNN for their innovative approach to building industry-leading ventures and have a collective enterprise value of over $3.5BN. Neal began [212]MEDIA by launching Saavn, the largest South Asian streaming music service globally, which was recently acquired by Reliance Industries, the largest conglomerate in India, in a transaction valued at over $1.2BN. Saavn reaches 160MM consumers today and was chosen by Forbes as one of “America’s Most Promising Companies”. In addition to Saavn and BEGiN, Neal also co-founded LeagueApps and LiftMetrix (acquired by Hootsuite) within [212]MEDIA. Neal began his career as an Investment Banker in an upstart unit of Donaldson, Lufkin & Jenrette that advised media & telecom companies. Neal earned a B.S.F.S. in International Relations at the Edmund A. Walsh School of Foreign Service at Georgetown University where he served as the President of the School of Foreign Service Academic Council and received the prestigious Dean’s Citation for excellence in Academics and Leadership. Neal is a regular speaker at conferences hosted by CES, O’Reilly, The Paley Center, NAB, and NAMIC and teaches digital strategy and storytelling classes for General Assembly, Stern Business School, and Columbia Business School.

Sid Mathur

Sid Mathur was most recently President at Babytree Group (HK:1761) as the owner and operator of the world’s largest parenting platform and led their global development. Prior to joining Babytree, Sid was the Chief Strategy and Development Officer for Mattel Inc. (NASDAQ:MAT) where he was responsible for strategic development, M&A, technology innovation, and building new business verticals. Sid oversaw strategic partnerships with major studios and technology partners which delivered multi-billion dollars in new revenues. Sid also led and scaled business verticals of Content, Live experiences, and Gaming. Previously, at Mattel, Sid led the acquisition of HiT Entertainment, a leading preschool entertainment company, and then served as its General Manager, where he delivered significant revenue growth by building new business models, improving market position in the US, and launching and scaling business in LATAM and China. Before his tenure at Mattel, Sid was Senior Vice President at Cambridge Solutions Limited, a Technology and Business Process outsourcing company listed in Asia. Sid managed the interests of the majority shareholders and also led corporate strategy, M&A, fundraising, and the eventual sale of Cambridge to Xchanging, now a part of DXC Technologies (NYSE:DXC). In the early part of his career, Sid worked with Arthur Andersen and PwC advising clients in the technology and media space. Sid earned an MBA from London Business School in the UK and is a qualified Chartered Accountant. He sits on the Board of Prescient Corp, a leading construction tech firm.

Stephanie Dua

At BEGiN, Stephanie is responsible for developing the company’s strategic operating plan and building the premier brand in early learning. After launching her career at McKinsey & Co., Stephanie spent the next 15 years in the trenches of public education. She served as the CEO of the New York City Department of Education’s Fund for Public Schools, raising more than $165 million to support literacy and teacher training efforts in the country’s largest school district As a management consultant at the Robinhood Foundation, she helped build 50 award-winning new school libraries across the City. As a Senior Advisor to the Bill and Melinda Gates Foundation, the Carnegie Corporation of New York Stephanie collaborated with school leaders across the country searching for innovative solutions to teaching and learning through new technologies. As a Senior Advisor to the Common Core Standards effort, Stephanie advised District leaders in crafting a rubric for textbook adoption. She received a BA in geophysics focused on Space Sciences from UCLA and a Masters from the Harvard Kennedy School where she was a Kennedy Fellow. Stephanie brings to Homer deep experience in literacy research, public education policy, and software development. She has worked both as an educator and as the CEO of a successful education technology start-up that has built the only consumer literacy product backed by credible research showing its effectiveness as a literacy tool. Stephanie lives in Brooklyn, NY, with her husband and three young daughters.

CMRC Abu Dhabi Real Estate

https://cmrc.com/

Investment Date: September 2021
100%
Stake

CMRC Abu Dhabi Real Estate

Cambridge Medical and Rehabilitation Centre (CMRC) is a provider of specialized rehabilitation and long-term care, with facilities in Abu Dhabi and Al Ain in the UAE, and Dhahran in Saudi Arabia. CMRC provides multidisciplinary and intensive rehabilitation for individuals suffering from a range of medical conditions such as strokes, brain or spinal cord injuries, or congenital conditions including Cerebral Palsy. CMRC is accredited by the Joint Commission International and Commission on Accreditation of Rehabilitation Facilities, the pre-eminent bodies for healthcare quality in the world.

106

Operation Beds

AED 53 MN

Amanat’s Investment

Real Estate Asset of North London Collegiate School Dubai (“NLCS”)

https://nlcsdubai.ae/

Investment Date: June 2018
100%
Stake

Real Estate Asset of North London Collegiate School Dubai (“NLCS”)

c.1,100

Students

AED 408 MN

Amanat’s Investment

Our Diverse Portfolio

Investment: NEMA

Higher Education

Investment: BEGiN

Education Technology

Investment: CMRC Real Estate

Social Infrastructure

Investment: CMRC

Post-Acute Care & Rehabilitation

Investment: MDX

Higher Education

Investment: NLCS

Social Infrastructure

Investment: Al Malaki Specialist Hospital

Specialist Care

Investment: Sukoon

Post-Acute Extended Care and Critical Care