AED 500 million investment to raise educational standards throughout the UAE
National Bonds Corporation (NBC) has announced the launch of Madaares, an AED 500 million private joint stock company, created to raise educational standards throughout the UAE and region. NBC will take the lead on the ambitious project which combines 150 shareholders, including strategic corporate investors and individuals.
The groundbreaking initiative aims to boost both the standard and quality of education by opening 14 primary and secondary schools over the next 5 years and up to 20 by 2014. Offering rigorous curricula, modern facilities, and convenient locations, Madaares will target both nationals and expats living in the UAE.
With a clear commitment to the educational needs of the country, Madaares will build and manage schools, drawing on global expertise to deliver the optimum educational solutions for the region. Nasser Hassan Al-Shaikh the Chairman of the Madaares Founders Committee commented; “Education is the key to sustaining prosperity within the UAE and will provide future generations with the skills needed to further develop the country. Quite simply, today’s youth are tomorrow’s leaders and as such, access to world class education is imperative.”
With a huge and growing demand for premium quality education in the UAE and analysis of the educational landscape, Madaares estimates that since 1999 up to the end of 2004 the number of students in the UAE has increased by over 74,000 and that whilst an excess of 100 new schools have been opened, there is still a significant shortfall.
“As more and more people settle in the UAE due to the economic and social prosperity of the country, the need to provide world class, standardized education is greater than ever. As such, we have identified and evaluated various growth opportunities within the sector. Time and again, the UAE has proved that it is more than capable of creating world class brands across a variety of sectors, whether it be aviation or real estate, the UAE has excelled. Madaares will be no exception and will set new benchmarks in the education sector by providing world class facilities and tuition,” continued Nasser Hassan Al-Shaikh.
The announcement comes days after NBC awarded twenty four of Dubai’s brightest students with a total of AED 240,000 worth of bonds in recognition of their academic achievement.
About National Bonds
Priced at 10AED per bond and available in a minimum purchase of 100AED, National Bonds offer all participants a safe and credible savings option whilst simultaneously providing people with a unique opportunity to win millions of dirhams in monthly draws.
The scheme which is available to UAE residents and non residents aims to provide people with a unique and innovative Shari’a compliant savings mechanism based on the Islamic principle of Mudaraba. At the end of the financial year, profits made by National Bonds Corporation will be determined and 20% of this amount will be distributed amongst bond holders. The distribution will be according to the number of bonds held by an individual, and for the time period the bonds were held, during the related financial year.
About National Bonds Corporation
National Bonds Corporation is a private shareholding company. Established in Dubai, UAE in March 2006 National Bonds Corporation is licensed to operate throughout the UAE.
A new initiative, National Bonds Corporation is owned by Dubai Bank, Dubai Holding and Emaar Properties. National Bonds are a Shari’a compliant product with a dedicated Fatwa and Shari’a Supervisory Board to oversee all financial aspects including product related operations and investments.
For more information please contact:
Linsey Worgan G2 PR Department Tel: 04 3310331 Mob: 050 256 4001 Fax: 04 3310553 email: [email protected]
