Dubai – Mubasher: Amanat Holdings on Monday announced signing an initial agreement with The Abraaj Group for acquiring the latter’s stake in Middlesex University’s Dubai campus for about $100 million, sources familiar with the matter said.

Following the deal, Dubai-based Amanat would have all of the UK-based university’s campus whose revenue amounted to around $40 million per annum, sources told Bloomberg News.

The GCC’s largest healthcare and education investment firm is seeking to boost its footprint in the Middle East education sector. Amanat owns 35% and 21.7% of Abu Dhabi University Holding Company and Taaleem Holdings, respectively.  

In December 2017, Amanat's managing director Shamsheer Vayalil stated that the company allocated about AED 1.8 billion ($490 million) for takeovers in healthcare and education.

In a separated note, The Abraaj Group has filed for liquidation, as a response to a group of liquidation petitions after the company was hit by money misuse allegations.

The UAE-based buyout firm was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.