National Bonds, the Sharia-compliant savings and investment company owned by the Investment Corporation of Dubai, has raised its stake in Dubai school operator Taaleem Holdings to 22 per cent, becoming its largest shareholder.
The company bought an additional 5 per cent stake in Taaleem as part of its “continuous effort to strengthen its presence in the education sector and align with its strategy to invest in vital educational services”, it said on Monday.
The acquisition represents the “largest of its kind” since Taaleem listed on the Dubai Financial Market in November 2022.
“[The] new investment in Taaleem will enhance National Bonds' investment portfolio, enabling sustainable returns that are not significantly influenced by market cycles,” said Mohammed Al Ali, chief executive of National Bonds.
Taaleem Holdings, whose financial year is from September 1 to August 31, reported a 14 per cent increase in its first-quarter profit, driven by higher revenue as enrolment continued to increase across its schools.
Net profit for the three months to the end of November climbed to Dh51 million ($14 million), from Dh44.6 million during the same period last year.
Taaleem, previously known as Madaares, was founded in 2006 by the National Bonds Corporation and other investors.
It operates 26 schools across the UAE, offering British, American and International Baccalaureate curriculums to more than 27,000 pupils.
Dubai-listed Amanat, which specialises in investments across the health and education sectors, sold its entire stake in Taaleem for Dh350 million ($95.3 million) in April 2021.
In November last year, the company raised Dh750 million from its initial public offering, becoming the largest and only dedicated education provider to trade on a stock market in the UAE.
National Bonds' move is aimed at encouraging “other investors to consider seriously the education sector in UAE, opening up more opportunities for investments in the field and supporting the quality of education for future generations”, it said.
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Singham Again
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Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
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Ain Issa camp:
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Groom and Two Brides
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Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Our family matters legal consultant
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Mohammed bin Zayed Majlis
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Toss: Nepal, chose to field
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Series: UAE lead 1-0
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
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Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
UAE currency: the story behind the money in your pockets
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Killing of Qassem Suleimani
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
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UAE currency: the story behind the money in your pockets
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Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
THE SPECS
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Engine: 6.2-litre V8
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
