Education
Egypt Education Fund oversubscribed with commitments of $119M: Hermes
EFG Hermes announced Egypt Education Fund focused on Egypt’s K-12 sector was oversubscribed with total commitments of $119 million in its first close, exceeding the initially targeted $50-100 million.
The company clarified that this fund, with investment value worth $150 million, is part of a $300 million education platform built in exclusive partnership with Dubai-based GEMS Education, one of the world’s oldest and largest K-12 private education providers.
It also stated that the oversubscribed capital was raised in just over six months and has seen strong interest from a diverse group of international investors, including high-net-worth individuals and institutional investors from Egypt, the GCC, and Southeast Asia.
According to the statement, the second close is expected to be completed in 2019, with the goal of raising additional $30 million in capital.
“The fund targets to deliver IRRs exceeding 25 percent for investors and to deploy, alongside GEMS, $300 million over the coming three years to develop a portfolio of 30 schools with a total capacity of 40,000 students,” the statement read.
The company also said that it holds talks with several global financial institutions expressing interest in subscribing to the remaining ticket.
“Our success in raising the substantial equity capital in a relatively short time demonstrates our ability to create innovative private equity products that cater to today’s investor demands. The education sector in Egypt is in dire need of major investments, and together with our best-in-class school operator, GEMS, we expect to make a strong impact in the industry and deliver attractive returns to our investors,” Head of Asset Management and Private Equity at EFG Hermes Karim Moussa said.
“Investors understand that when partnering with us they don’t just benefit from the investment expertise of our team and our ability to devise focused, structured investment vehicles, but can trust that the day-to-day running of the assets will be overseen by a world-class operator and leader in the sector,” Moussa added.
For his part, the fund manager at EFG Hermes Mohamed Khalifa said: “We continue to work closely with GEMS to build Egypt’s largest institutional education service provider and to create a meaningful impact on the schools we operate.”
“Our investment targets are quite ambitious, and we are currently pursuing multiple investment opportunities across the sector with an investment pipeline comprising over 20 schools,” Khalifa revealed.
In May, EFG Hermes in cooperation with GEMs signed an agreement with Talaat Moustafa Group Holding (TMG Holding) to acquire a portfolio of schools in a LE 1 billion ($58 million) investment.
The statement referred that EFG Hermes will funnel the acquired portfolio back to the platform in the coming weeks which will be 50/50 owned by the fund and GEMS.
Meanwhile, the Board of Directors of EFG Hermes agreed to seed $15 million to the fund as part of its strategy to support its growing private equity business.
“With private equity activity in Egypt ebbing over the last few years, the fund’s success underscores the firm’s commitment to supporting Egypt’s recovery after a period of subdued investment activity brining in good Foreign Direct Investment flow into one of Egypt’s most promising and socially important sectors,” it said.
EFG Hermes recorded consolidated profits of LE 767.16 million during the first nine months of 2018, compared to LE 1 billion during the same months of 2017.
Egyptian Financial Group Hermes Holding (EFG Hermes) is a public company, listed on the Egyptian Exchange (EGX) since February 1999.
It operates within the diversified financial sector focusing on investment banking and brokerage. It has 36 subsidiaries operating across the Caribbean, Northern Africa and Middle East. EFG Hermes is based in 6th of October, Egypt, and was established in January 1984.
– EGYPT TODAY
Dr. Musa Akinyemi is an experienced Rector with a demonstrated history of working in the maritime industry. He is currently the Rector/CEO of Crown Maritime Academy, CMA a go-to maritime training institution. In this interview with Alaba Ayinuola of Business Africa Online (BAO), Dr. Musa shares more insights on the maritime training institution, its certifications, milestones and much more. Excerpt.
Alaba: Could please tell us about Crown Maritime Academy and your role?
Dr. Musa: Crown Maritime Academy, CMA was muted as an experiment in 2011. That was 10 years after my return from exile in Cote d’Ivoire having suffered insecurity as Gen. Sani Abacha deprived me of my Federal Government employment without any reason in 1996. Between 2011 and 2014, just within 3 years of existence, the Academy was recognized as a Centre of Academic Excellence by the Commonwealth in London and Listed in the 2014/2015 Edition of the Commonwealth Education Ministers Publication. In addition, Crown Maritime Academy, CMA was also featured Online by the Commonwealth Education Partnerships (CEP) of London.
My role from the onset was strategically collapsed between Lecturing and Administering. Thus, I chose to be addressed with the status of Registrar. Yet, I had to decide and also design courses to offer as well as which curriculum to evolve or develop. Therefore, I added the CEO title, even as Registrar. That made me search for a seasoned and very resourceful postgraduate fellow who became the Rector.
Alaba: What sets Crown Maritime Academy apart from other Maritime Academy and how is it positioned to be the go-to institution?
Dr. Musa: This Academy has been set apart uniquely, abinitio, because we envisioned and delivered an Academy with a qualitative, affordable and available platform capable of achieving pan-Africanism, especially the African youth emancipation.
Already, we have commanded progressive credibility and stable camaraderie with fellow academies and universities locally and in the diaspora. It is expected that continuity, creativity and just-in-time delivery of our programmes would position Crown Maritime Academy, CMA as a go-to maritime training institution.
Alaba: Please tell us about the certifications offered, accreditation and opportunities that come after completion?
Dr. Musa: The Academy started with Diploma award for 2 years programme, at the end of which, after some 1 year practice in the industry, awardees could return to do the Advanced Diploma. Indeed, it was a sound and recommendable beginning. What we are doing now is to fully blend with the Federal Ministry of Education’s regulatory framework so as to start the National Innovative Diploma (NID) or National Diploma (ND) in our own name.
Many of our graduates are already engaged in the military, para-military, port operations and the like, while a few others have set-up their own businesses.
Alaba: Can you highlights some of your significant milestones and challenges?
Dr. Musa: Crown Maritime Academy, CMA is at the forefront of sustainable maritime education and training in Nigeria. In 2021, our senior management team was specifically selected and sponsored to conduct a Facility Tour of the Federal Government-owned Maritime Academy of Nigeria (MAN) at Oron, Akwa Ibom State. The only private maritime training institution in Nigeria to be so recognized.
Don’t forget also that we produced the Best-Graduated Shipping Management Student in Nigeria in 2017/2018. In 2018/2019, we repeated the academic feat by also producing the Best-Graduated Shipping Management Student in Nigeria. We are equally among those leading in Transport and Logistics Management, as we produced the Best-Graduated in this specialization in Nigeria in the 2020/2021 session.
Meanwhile, our challenges remain, namely, the harsh and unsupported maritime domain plus the capital intensive nature of providing tertiary education.
Alaba: What is your overall assessment of the entire situation of Nigerian maritime training and capacity building?
Dr. Musa: We are still operating at 50 % capacity. Most sincerely though, if not for the resuscitation of the MAN Oron by the current Rector, Rtd. Commodore Effedua, the capacity could have been far lower.
So, let it be known that with the MAN Oron bouncing-back, the Federal Government would get the graduating cadets the much-needed training vessels and, as a matter of urgency, float an ocean-going fleet to employ them. Of course, training should, from this achievement, become a life-long development.
Alaba: What are CMA priorities/plans for the year and where do you see the academy in the next 5 years?
Dr. Musa: Our current priorities include moving to our permanent site as well as to smoothly and successfully partner with the Federal authorities in respect of educational qualifications, regulations, standards, control and compliance.
I am very confident that foreign students would regularly seek admission and come to study at Crown Maritime Academy, CMA in Nigeria.
Alaba: Your advice for students and professionals in or aspiring to go into the maritime sector?
Dr. Musa: The first advice from me is that they should not fail to understand the importance of triple “T” or T raised to power 3. The first T is Time, they should not be looking for how to cut corners or abuse the process. Let them give all the time needed to study! The second T is for Talent. This means that they should not come empty and go back empty, they should be loaded with effervescent intellectual deposits!! Finally, the third T, which stands for Trust. This is to say that you can not excel and sustain the lucrative life of a shipping professional if colleagues and the stakeholders can not trust you.
The Space Prize Foundation announces the launch of its partnership with UNESCO, aimed at democratizing access to space education and inspiring a new generation of female scientists and engineers in Africa. Despite sixty years of space exploration, women are grossly underrepresented in the space industry, making this initiative potentially transformative on the educational landscape and, ultimately, the future of space exploration.
Starting in Rwanda, this visionary partnership will unfold over the next several months as both organizations meticulously plan the framework for the implementation of the Space Prize Foundation’s Space Education Curriculum. The initiative is designed to equip teachers across Africa with the tools and resources they need to empower young minds, particularly young women, to pursue careers in scientific and engineering fields. The open source curriculum is the first of its kind and was developed by leading science teachers across the United States of America.
Key elements of this initiative include:
Survey for Teacher Development: The Space Prize Foundation will conduct a comprehensive survey to identify the specific needs and levels of development required by teachers. The survey will delve into teaching styles, current practices in space education, and the resources available to educators.
Workshops for Curriculum Implementation and Teacher Empowerment: UNESCO and the Rwanda National Commission for UNESCO will identify participating teachers. The first workshop will provide participating teachers with an introduction to the Space Education Curriculum. A leading expert in space education will guide teachers in customizing the curriculum for their students and schools. The second workshop will be dedicated to Q&A, ensuring teachers have time to digest the curriculum.
Curriculum Reception: Following the initial workshops, teachers will be encouraged to present the tailored curriculum to their students at least twice a month. Feedback from this implementation will be reviewed in two 90-minute workshops to discuss the curriculum’s reception.
Structured Roll-out in Q2 2024: The formal launch of the curriculum is scheduled for Q2 2024, during which the Space Prize Foundation, UNESCO and participating teachers will design the cadence of classes and schedule monthly review sessions. This flexible approach aims to cater to the unique needs and capacities of different educational settings.
Impact Assessment: UNESCO will design an impact survey to measure the effectiveness of the Space Education Curriculum.
By commencing this journey in Rwanda, the Space Prize Foundation and UNESCO are laying the groundwork for a transformative educational initiative that will resonate across the continent. This partnership embodies a commitment to fostering the next generation of space enthusiasts, driving innovation, and building a brighter future for humanity.
Ubongo, Africa’s leading children’s edutainment and media company, is excited to announce its 10-year anniversary, marking a decade of transforming education and empowering millions of children across the continent. With an impressive portfolio of educational programs including Akili and Me, Ubongo Kids, and the recent addition of the captivating new show Nuzo and Namia, Ubongo continues to set the standard in innovative learning experiences for kids.
Since its founding in July of 2013 in Dar es Salaam, Tanzania, Ubongo has been dedicated to providing fun, localized, and multi-platform educational content that helps children foster a lifelong love of learning. Through accessible technologies like TV, radio, and mobile phones, Ubongo has reached over 32 million families across Africa, making a significant impact on the continent’s education landscape. Independent research studies examining Ubongo’s programs have consistently revealed their profound impact, enhancing school readiness, improving learning outcomes, and fostering positive social and behavioral change among both children and their caregivers.
Over the past 10 years, Ubongo has grown from a small Tanzanian grassroots startup to a Pan-African non-profit organization and the market leader in African edutainment. Ubongo’s innovative and engaging edutainment programs empower kids with the knowledge and critical skills they need to change their lives and their communities for the better.
“We are thrilled to celebrate this incredible milestone of 10 years,” said Mwasi Wilmore, CEO of Ubongo. “It is a testament to the hard work, dedication, and passion of our team, partners, and supporters who have believed in our mission and contributed to our success. Together, we have made a significant impact on education in Africa, and we are committed to continuing our journey of transforming learning for generations to come.”
In commemoration of this significant milestone, Ubongo has arranged a special 10-year anniversary event in Dar es Salaam to celebrate the accomplishments and milestones achieved throughout the years. The event will feature inspiring speeches and captivating presentations showcasing the journey and impact of Ubongo’s edutainment programs.
“We invite all our partners, supporters, and stakeholders to join us in celebrating this significant milestone,” added Mwasi Wilmore. “Together, let us reflect on our journey, express our gratitude, and renew our commitment to providing quality education and transformative learning experiences for children in Africa.”
“As we look ahead to the next decade, we remain steadfast in our mission to reach even more children, leveraging the power of edutainment to unlock their potential and shape a brighter future for Africa,” added Mwasi Wilmore.
