Skip to content Skip to Search
Skip navigation

Alef Education to be first edtech with UAE bourse listing

By Pramod Kumar
alef edtech Alef Education/X
Alef Education's IPO price will be determined on June 6, with the book-building period running from May 28 to June 5

Alef Education plans to offer a 20 percent stake on the Abu Dhabi stock exchange, becoming the first edtech – education technology – company to list in the UAE.

The selling shareholders, Tech Nova Investment, Sole Proprietorship and Kryptonite Investments, will offload 1.4 billion shares.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

The IPO price will be determined on June 6, with the book-building period running from May 28 to June 5, the company said.

The shares are expected to start trading on June 12.

The global edtech market has experienced strong growth over the past couple of years, supported by increased government spending and the incrteasing use of digital and AI tools, said Abdulhamid Mohammed Saeed Alahmadi, chairman of Alef Education.

Geoffrey Alphonso, Alef Education’s CEO, said the company provides digital education resources to all public schools and serves 40 to 50 percent of the private school market.

“The increased global education spending dovetails with our well-defined growth strategy,” he said.

As of 2023, the company’s platforms, including its international ventures, served more than one million registered students, 50,000 teachers, and 7,000 schools.

Alef Education entered the US market in 2018, followed by Indonesia in 2021 and Morocco in 2022. It entered the Qatar market last year, through a reseller agreement.

The company’s revenues reached AED750 million ($204.2 million) in 2023, a 12.4 percent increase from AED667 million in 2021.

It is expected to pay a minimum dividend payout ratio of 90 percent, or AED135 million, of the net profit for 2024 and 2025 each year.

First Abu Dhabi Bank is listing adviser and joint lead manager, and joint bookrunner along with EFG Hermes UAE. 

* A previous version of this article inaccurately stated that selling shareholders would not receive proceeds from the IPO.

Register now: It’s easy and free

AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East.

Why sign uP

  • Exclusive weekly email from our editor-in-chief
  • Personalised weekly emails for your preferred industry sectors
  • Read and download our insight packed white papers
  • Access to our mobile app
  • Prioritised access to live events
Register for free

I’ll register later

Latest articles

Street vendors in the historic Balad district of Jeddah. Falling oil prices have hit the Saudi economy

Saudi Arabia’s debt burden ‘to rise more quickly’, says IMF

The International Monetary Fund has revised its forecast for Saudi Arabia’s debt burden as tumbling oil prices dent the country’s revenues. The IMF is now projecting that Saudi government gross debt will be 44.5 percent of GDP by 2029, according to the twice-yearly Fiscal Monitor released in Washington DC on Wednesday.  In last October’s report, […]

alalah Port, Oman. Oman's hydrocarbon exports jumped by $6.5 billion in 2024, primarily due to the explosive growth in refined product sales from the Duqm Refinery

Duqm refinery fuels $6.5bn growth in Oman’s oil exports

Oman’s hydrocarbon exports swelled by nearly $6.5 billion last year due to a surge in sales of refined products following the commissioning of the sultanate’s largest oil refinery. The Gulf country’s hydrocarbon exports surged from OR13.8 billion ($35.8 billion) in 2023 by nearly 18 percent to OR16.3 billion ($42.4 billion) in 2024. Crude exports edged […]

A Russian oil rig in the Caspian Sea. India's increasing reliance on cheaper Russian oil erodes the dominance of traditional Middle Eastern suppliers like Saudi Arabia and Iraq

Gulf share of India oil market slides on Russia gains

India’s pivot toward discounted Russian crude oil has accelerated, eroding the dominance of traditional Middle Eastern suppliers in one of the world’s fastest-growing oil markets. In the Indian fiscal year ending March 31, Russia retained its position as India’s top oil supplier for a third year in row, Reuters reported, based on ship tracking data […]

Industrial shipping Maersk container shipping at Salalah Oman Middle east

Oman’s free zones attracted $4bn in investments last year

Private businesses invested OR1.6 billion ($4.1 billion) in Oman’s free zones, economic zones and industrial cities last year, highlighting the sultanate’s growing appeal as a regional business hub. The sultanate signed a total of 325 investment agreements across six major jurisdictions, Oman Daily Observer, a local news outlet, reported, citing a report by Duqm Economist […]

Customers use Al Rajhi cash dispensers at a branch in Mecca. The bank's total assets have topped SAR1 trillion

Al Rajhi Bank reports 34% rise in quarterly profit

Al Rajhi Bank, the world’s largest Islamic bank by capital, has reported a 34 percent increase in net profit for the first quarter of 2025, to SAR5.9 billion ($1.5 billion). The Saudi bank’s total assets have risen by 22 percent to SAR1.02 trillion, marking the first time Al Rajhi has surpassed the trillion-riyal mark. Its […]

New factories and licenses issued in Saudi Arabia's industrial sector are projected to generate over 5,600 jobs, marking significant growth in February

New licences drive strong Saudi industrial growth

Saudi Arabia’s industrial sector recorded strong growth in February, with 105 new industrial licences issued, representing a 66.7 percent month-on-month increase. These newly awarded licences represent around SAR1 billion ($272 million) in investments and are expected to create 1,504 jobs, according to a report by the Ministry of Industry and Mineral Resources’ National Industrial and […]

Sandstone rock formations rise above the Hisma desert, Neom

Aiman Al Mudaifer named permanent CEO of Neom

Neom is to appoint Aiman Al Mudaifer as its permanent chief executive, more than five months after he took on the role of acting CEO. Al Mudaifer has worked for the Public Investment Fund, the $925 billion sovereign wealth fund backing Neom, since 2018. He took over the CEO’s post at Neom, one of the […]

Container vessels in Istanbul's Ambarli Port. Turkey's manufacturing base is struggling with rising borrowing costs

Turkey worried that cheap Asian goods will hurt economy

Turkey is concerned that an enduring trade war between the US and China and other Asian countries may encourage manufacturers to flood Turkey’s market with cut-price goods to make up for US losses, the finance minister has said. That could damage Turkey’s own manufacturing base, already struggling with high and rising borrowing costs and domestic […]

A shop in the Gold Souk in Deira, Dubai. Sellers are suffering as the price of gold continues to soar

Gold’s record run brings little joy for Dubai jewellers

In the bustling Gold Souk in Dubai, dubbed the “City of Gold”, 22-karat gold jewellery is a traditional favourite for weddings, religious celebrations, and as a family investment. Yet with bullion prices hitting record highs above $3,400 an ounce, there are signs of change, as buyers opt for diamonds and lighter gold jewellery instead. While […]

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum (centre) witnessed the agreement for the du data centre

UAE’s du and Microsoft to build $544m hyperscale data centre

UAE telecom provider du and tech company Microsoft are to build a AED2 billion ($544.54 million) hyperscale data centre. The data centre will be built in stages, gradually increasing capacity to satisfy rising demand, the UAE state-run news agency Wam reported on Tuesday. The facility’s computing capabilities will be utilised by Microsoft, the main tenant, […]

GCC officials are expected to push for better access to advanced US semiconductors and AI tech during Donald Trump's visit to the Gulf

Donald Trump will visit Gulf nations in May

US President Donald Trump will visit Saudi Arabia, Qatar and the United Arab Emirates from May 13 to 16, the White House has confirmed. The highly-anticipated visit to the Gulf region will mark Trump’s second foreign trip of his second term, as he will first travel to Rome this week for Pope Francis’ funeral. “The […]

Ramadan food discounting and lower transport costs contributed to inflation hitting a five-month low in March in Dubai, though housing costs persist

Dubai inflation falls to its lowest in five months

Dubai’s annual consumer price inflation fell in March to its lowest in five months, driven by lower transport and food costs, according to official data from Dubai Statistics Centre. The headline CPI inflation rate declined to 2.8 percent on an annual basis, from 3.2 percent in each of January and February. That is the lowest […]