IKEC has an enrollment of approximately 13,000 students across four schools 

Riyadh, Nov 27, 2024: Maarif Education, one of the leading K-12 education providers in Saudi Arabia, announced the signing of a definitive agreement to acquire 100% of Ibn Khaldoun Education Company (IKEC). 

The strategic acquisition, which is subject to approval from the relevant authorities, will increase Maarif’s student base by almost 60%. IKEC operates four schools — Erqaa, Al Nafil, Al Manar and Al Yasmeen — in Riyadh, which offer both national and international curriculums. IKEC has a current enrollment of around 13,000 students. Following the deal, the total number of students enrolled in Maarif schools will increase to more than 36,000. 

The transaction is part of Maarif’s ongoing plans to expand its footprint in Saudi Arabia, making it one of the largest K-12 education companies in the country by revenue and geographic coverage. Maarif operates 10 educational complexes strategically located across the country and employs more than 2,460 teaching and academic staff. 

Dr. Husam Zaman, Vice Chairman of the Board of Directors of Maarif Education, and 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 Zaman said, “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.” 

Thunayyan al Obaikan, CEO of IKEC, said: “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.” 

Cairo – EFG Hermes, a subsidiary of EFG Holding, advised on Maarif Education’s acquisition.