UAE’s Amanat acquires 60% stake in Human Development Company for Dhs215.3m

Healthcare and education investment listed company, Amanat Holdings has acquired a 60 per cent stake in Human Development Company (HDC), a provider of special education and care (SEC) services in Saudi Arabia, for an initial consideration of SAR220.3m (Dhs215.3m) and a contingent consideration of up to SAR47.1m payable subject to future earnings growth.

The transaction complements Amanat’s strategy and strengthens both its healthcare and education platforms by expanding their reach to cater to people of determination.

HDC, which offers educational, medical and rehabilitation services, has a presence across six provinces and caters to over 3,000 beneficiaries through a network of nine schools, 22 daycare centres and specialised rehabilitation medical clinics.

The SEC sector is underserved regionally with strong underlying growth drivers, and Amanat aims to lead the development of this sector to enhance quality and access to this vulnerable segment of the population.

Amanat acquired 60% stake in @hdc_ksa a leading special education and care provider in #KSA for #peopleofdetermination. This transaction is in-line with our strategy & strengthens both #healthcare & #education sectorshttps://t.co/PAjyLVWaOq#DFM #uae #gcc #aquisition #investor pic.twitter.com/8qMdLNMXKk

— Amanat Holdings (@amanatholdings) October 28, 2022

Founder of HDC and a senior consultant psychiatrist specialising in child and adolescent psychiatry and family therapy, Dr Omar Al Modayfer, said: “I am delighted to be partnering with Amanat on the next phase in the growth journey of HDC. Delivering on Saudi Arabia’s Vision 2030 and leading in providing specialised care to people of determination while catering to their educational requirements continue to be fundamental pillars of our mission here at HDC.

“With the support of Amanat as shareholders, we are excited to work towards expanding our geographic footprint even further in the kingdom and throughout the GCC, as well as advancing the institutionalisation of HDC as we take it to the next level of success over the coming years.”

Amanat’s CEO Dr Mohamad Hamade, added: “The addition of HDC to our portfolio will enable us to expand SEC regionally and lead in growing this specialised sector while creating a lasting and meaningful social impact on the communities we operate in, as we continue to invest, grow, and impact. We are acquiring a majority stake in HDC which has a promising growth trajectory and sizable addressable market.”