ADFD awards AED 53m in financing to Bloom Education to enhance knowledge economy

17
  • Financing part of ADFD’s AED1 billion initiative launched last year to support national companies through Covid-19
  • 20 further companies identified as prospective candidates
  • The education sector is a key driver of knowledge economy, says HE Mohamed Saif Al Suwaidi

Abu Dhabi Fund for Development, the UAE’s leading financial entity spearheading national and global development projects, has extended AED53 million in financing on preferential terms to Bloom Education, making the company one of the first beneficiaries of the Fund’s AED1 billion initiative launched last year.

The drive was aimed at helping national companies operating in vital economic sectors.

The agreement was signed by HE Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD); and Dr Rashid Khalfan bin Amer Althakhri, member of the Board of Governors of Brighton College in the UAE, which are operated by Bloom Education, in the presence of HE Khalifa Al Qubaisi, Deputy Director General of ADFD, as well as other officials representing both sides.

Commenting on the occasion, HE Al Suwaidi said: “We are pleased to extend our support to Bloom Education. Education is of critical importance to us, especially as the UAE focuses on building a knowledge economy.”

He said that the initiative was in line with the directives of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Chairman of the Board of Directors of Abu Dhabi Fund for Development, to enable national companies to maintain their performance and upscale their operations.

“The Fund places the national economy as a top priority,” Mr Al Suwaidi added. “Emirati companies are the key drivers of our economy and we are committed to supporting them. We will ensure that they maintain their performances and emerge stronger. Their success is the UAE’s success, as well as our achievement.”

Dr Rashid expressed his gratitude to ADFD, stating that the Fund’s contribution is important to the work of Bloom Education. “This is a recognition of our continuous effort to strengthen the UAE’s education sector. The financing will help us perform better as we make bigger plans for the future. It also comes at the right time, because it supports the hardship assistance we have provided to many of our pupils’ families who have been impacted by COVID-19. This assistance enabled pupils to continue their schooling with us.”

Dr. Rashid reaffirmed the company’s continued commitment to the UAE’s education sector, highlighting its impressive track record in operating schools that have been ranked “outstanding” in the UAE. “Bloom Education is a leading organisation in the Middle East by virtue of its notable achievement of delivering the highest quality of international education,” he said.

Bloom Education is one of the UAE’s leading companies in the education sector. Since opening its first school in 2011, it now operates eight schools, delivering the highest quality of education to more than 8,000 pupils supported by 950 employees.

“The ADFD initiative met with an overwhelming response from national companies,” said Rashid Al Kaabi, Director of Investment at the Fund, adding that the Fund’s Technical Committee had already studied requests from 51 companies over the past months, out of which it had identified 20 as prospective candidates. “A series of applications has been approved, while the remainder are under review, with the final decision expected to be taken within the first half of this year.”

To qualify for funding under the AED1 billion initiative, a company must be registered in the UAE, while its annual returns should be no less than AED 80 million.

The initiative is one of several measures taken by the ADFD to support the national economy and encourage joint investment in developing projects and implementing them on a global scale. Over the past 10 years, the Fund has provided AED 16.5 billion in financing for Emirati companies that have implemented projects abroad.

About Abu Dhabi Fund for Development (ADFD):

Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administering long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private sector investments. Since its inception, ADFD has marked developmental milestones in 97 developing countries. Spanning the last 49 years, the Fund’s development projects and investments, valued at AED104 billion, have helped the international community achieve sustainable economic growth as well as drive the implementation of the United Nations’ Sustainable Development Goals (SDGs).